Enterprise security startups are hot with venture capitalists lately, and Druva just scored the latest round of funding.
The startup announced a $51 million funding round on Wednesday (Sept. 28) from Sequoia Capital India and a new backer, Economic Development Board Investments, based in Singapore.
The India-based company said it will use the latest funding to strengthen innovation, technological capabilities and focus on product adoption. Reports said it will also explore global expansion and marketing opportunities with the funds.
“Fragmentation of data, combined with increasing regulatory needs, is making enterprises everywhere rethink how information is best managed,” said Cofounder Jaspreet Singh in a statement. According to the executive, Druva holds a net promoter score (NPS) of 82. Based on a range of 1–100, the NPS measures customer loyalty and service quality, reports explained.
In addition to Sequoia Capital India and Economic Development Board Investments, Druva saw investment from Blue Cloud Ventures, Hercules Capital, NTT Finance, Nexus Venture Partners and Tenaya Capital. NTT Finance had previously invested in the enterprise data security company in an effort to help the firm expand into Japan, where NTT Finance is based. That funding, announced last December, led to $25 million in Series D.
In total, reports said, Druva has raised $118 million. Reports said its latest funding round occurs at a time when investors are beginning to eye B2B tech startups in India more than consumer-facing firms.
The $51 million round follows a $50 million investment round for LogRhythm, another enterprise security company, announced earlier this month, as well as a $16 million funding round for a Big Data management company, InfluxData.