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Druva, which delivers Data Protection and Management for the cloud era, has announced a $147 million investment as the company rapidly scales in response to accelerated demand for its platform.

The fundraise was led by Caisse de dépôt et placement du Québec (CDPQ), a global investment group, with a significant investment by Neuberger Berman, each of which manage more than $300 billion in net assets, the company said in a release.

The round, which raises the company’s valuation above $2 billion, also included participation from existing investors Viking Global Investors and Atreides Management.

The new investment will fuel continued expansion of Druva Cloud Platform to meet today’s unprecedented needs, and extend the company’s industry leadership as it defines tomorrow’s data protection, the company added.

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.

Based on this demand, Gartner, Inc. forecasts cloud adoption will reach a five-year compound annual growth rate (CAGR) of 20.7%.

As data grows exponentially in parallel to this new operating model, traditional data protection based on hardware and software is no longer scalable or cost-effective. Instead, businesses need a new approach which can be deployed from anywhere, protect data across the enterprise, and deliver it securely as a service.

Only solutions built natively in the cloud will be able to successfully deliver all this functionality and, 40% of organisations will supplement or completely replace traditional backup applications with cloud-based solutions by 2022, according to Gartner.

“Rising volumes of stored data, rapid adoption of cloud and deployment of SaaS applications, regulatory frameworks and cybersecurity concerns have accelerated the demand for data protection and management solutions for businesses,” said CDPQ Executive VP and CTO Alexandre Synnett.

“The working-from-home dynamic experienced globally has further accentuated the need for cloud-based data protection solutions,” he added.

In the last year, the company’s data under management has grown by more than 40% as Druva supports industry leaders, disruptors, and pioneers including GameStop, Marriott, NASA, National Cancer Institute, Pfizer, and Regeneron Pharmaceuticals.

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