Druva Inc., a cloud data protection and management firm has raised $147 million to scale up operations. The fundraising was led by Caisse de dépôt et placement du Québec (CDPQ), a global investment group, and Neuberger Berman, each of which manages more than $300 billion in net assets. This round, which raises the company’s valuation to above $2 billion, also included participation from existing investors Viking Global Investors and Atreides Management, as per a statement from Druva.

Druva’s Cloud Platform enables organizations to centrally protect data, irrespective of where the data is located, which helps organizations to reduce the cost and complexity of data protection, accelerate and protect cloud projects and increase cyber resilience and regulatory compliance. “Because of the covid disruptions, we saw many businesses shift to cloud to avoid paying the fixed cost of infrastructure when the businesses are going up and down. We saw a demand for cyber resiliency in workforce productivity areas with the workforce getting more and more digitized. And then a lot of services underwent digitalization due to the environment.

And with these three major trends, we have seen that the nature of data protection has changed. If the workforce is going to be dominantly remote, then you need better security, better data management across all these remote workforces and use cases and if you have to launch the next generation of internet-oriented services, you have to think about data protection architecture or infrastructure to be deployed in the cloud,” said Jaspreet Singh, founder, and CEO of Druva.