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Druva, the US and India-based SaaS unicorn, has raised $147 million in funding at a valuation of more than $2 billion. This round was led by Caisse de dépôt et placement du Québec (CDPQ) and Neuberger Berman.

This funding round also saw participation from existing investors Viking Global Investors and Atreides Management. Druva is a cloud data protection and management technology company that turned unicorn in June 2019.

Druva will use this fresh round of funding for product innovation and market expansion for its cloud platform. According to this startup, over the last 12 months, enterprises have moved swiftly to adopt cloud solutions to strengthen business resilience, maintain critical business operations, and support hybrid work models. This has fuelled the demand for its cloud platform.

On the funding received, Druva Founder and CEO Jaspreet Singh said, “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. 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.”

According to Druva, the customer base of its cloud platform has expanded substantially during 2020, claiming a 50 percent rise in adoption. The startup’s data under management has grown by more than 40 percent.

CDPQ Executive Vice President and Chief Technology Officer Alexandre Synnett said, “The working-from-home dynamic experienced globally has further accentuated the need for cloud-based data protection solutions and we believe Druva is in an excellent position to seize opportunities and enhance its clients’ agility and data compliance.”

He further noted that rising volumes of stored data, rapid adoption of the cloud and deployment of SaaS applications, regulatory frameworks, and cybersecurity concerns have accelerated the demand for data protection and management solutions for businesses.

Charles Kantor, Managing Director, Neuberger Berman, said “We believe we are in the early innings of enterprises shifting workloads to the cloud, and Druva’s proprietary solutions position the company for long- term success.”