Druva, a SaaS company focused on cloud data protection and management, announced today it has surpassed the $100 million in Annual Recurring Revenue (ARR) mark.
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The news comes less than six months after Druva raised $130 million in a round led by Viking Global Investors, and reached unicorn status. That round brought the 11-year-old company’s total venture raised to $328 million. Other backers include Riverwood Capital, Tenaya Capital, Nexus Venture Partners
Druva says its growth has been fueled by the fact that an increasing number of enterprises are becoming more open to cloud adoption and a SaaS business model.
Specifically, Druva says it has almost tripled its annual revenue in three years. It also says that more than 600 customers (including more than 10 percent of the Fortune 500) use its data center workloads platform, up 70 percent year-over-year. The company also says that over 800 customers are protecting their cloud workloads using Druva – a figure that has doubled compared to 18 months ago. Customers include Flex, Hitachi, Live Nation, Marriott, and Pfizer, among others.
Built on Amazon Web Services (AWS), Druva touts itself as “a SaaS solution in a market dominated by legacy hardware vendors.” By offering its service as a subscription, it claims to be able to help cut costs for customers by “up to 50 percent” by eliminating the need for “unnecessary hardware, capacity planning, and software management.”
Other SaaS companies that have crossed the $100 million ARR mark as of late include social media management company Sprout Social, which recently filed to go public, and Asana, developer of a work management and productivity suite.
Illustration: Li-Anne Dias