California-based cloud data protection and management firm Druva on Monday announced raising another $147 million, which brings the company’s valuation to more than $2 billion.
The funding round was led by investment group Caisse de dépôt et placement du Québec (CDPQ), with participation from Neuberger Berman, Viking Global Investors and Atreides Management. The money will be used to continue the company’s expansion.
Druva has developed a cloud-native platform that helps organizations protect data across cloud environments, endpoint devices, SaaS applications and hybrid environments.
Druva says its solutions are used by thousands of organizations worldwide, including 50 of the Fortune 500 companies.
“The unprecedented events of 2020 have ushered in a generational cloud transformation for businesses, and data‘s increasing value is at the very heart of it,” said Jaspreet Singh, founder and CEO of Druva. “Druva pioneered the cloud data protection category almost a decade ago and has led the way in defining the architecture, business model, and user experience our customers now expect. This investment and our continued, rapid growth is further validation of our vision for a simple, open, and unified data protection and management platform.”
Druva is one of the more than 30 cybersecurity unicorns. It achieved unicorn status in 2019, after raising $130 million. To date, the company raised $475 million.
There has been a surge in cybersecurity unicorns, with more than a dozen announced between December 2020 and March 2021 alone. Some believe the trend is a result of speculative strategies while others believe it reflects the growing importance of cybersecurity.