Data security start-ups seem to be popular with investors as of late, and Druva, an Indian data security start-up, managed to receive $51M in funds. Economic Development Board Investments, a Singapore based entity, is one of their newest backers.
Druva will use the funds to focus on product innovation, adoption, and strengthening technological capabilities. The newly-acquired funds will also allow the company to expand globally and pursue other marketing opportunities.
Jaspreet Singh, one of the company’s co-founders, said that fragmentation of data in combination with ever-increasing regulatory needs is making enterprises rethink the ways that they manage information.
According to the executive, the company currently has a net promoter score of 82. The reports revealed that the score can range from 1-100, and measures overall levels of service quality and customer loyalty.
Druva’s newly-acquired backer is not their only one. Hercules Capital, Nexus Venture Partners, Tenaya Capital, Blue Cloud Ventures, and others have also decided to invest in the company. NTT Finance is on their list of investors too, having previously invested in Druva once before. Their previous investment was aimed at helping Druva expand into Japan where NTT Finance is based.
According to the reports, Druva has raised $118M in total.
Currently, B2B tech start-ups are very likely to receive funding from investors. A recent example of that is when LogRhythm, another data security company, received an investment worth $50M; and when InfluxData, another similar company, recently received $16M in funds.