SaaS data protection provider Druva nabs $130M, now at a $1B+ valuation, acquiring CloudLanes

As businesses continue to move more of their computing and data to the cloud, one of the startups that has made a name for itself as a provider of cloud-based solutions to protect and manage those IT assets has raised a big round of funding to build its business. Druva, which provides software-as-a-service-based data protection, backup and management solutions, has raised $130 million in a round of funding that CEO and founder Jaspreet Singh says takes the company "well past the $1 billion mark" in terms of its valuation. Alongside this news, it's making an acquisition to continue building out the storage part of its business (one of several product areas that it's developing): it's acquiring CloudLanes, a startup that was backed by Microsoft and others, for an undisclosed sum, in a deal that will likely be formally announced in early July.