HYCU Secures $53 Million Series B to Fuel Hypergrowth for New SaaS-based Service
HYCU, Inc., a pioneering enterprise BaaS company specializing in hybrid cloud and multi-cloud data backup and recovery as a service, announced its $53 million Series B led by Acrew Capital. All Series A investors returned, including Bain Capital Ventures (BCV). Strategic investors and innovation leaders Atlassian Ventures and Cisco Investments also participated in the round. Funding will help accelerate several key go-to-market initiatives to support significant demand in HYCU’s multi-cloud data protection solutions across on-premises and public cloud environments, including bringing to market a new developer-led SaaS service.
With 92 percent of organizations rapidly adopting a SaaS-based multi-cloud model, there is a critical need for companies to deploy a new breed of solutions that serve as true multi-cloud data protection delivered as a service. With a mission of building a safer world by protecting critical data, HYCU will use the new funding to continue developing its solution to serve ever-evolving data and recovery needs. Over the past 12 months, HYCU has added 165 employees across go-to-market, sales, HR and engineering. The new funding will accelerate key positions in alliances, product marketing and customer success as well as advance some key innovation-focused solutions and services delivery.
“With an average of more than 130 data silos in use at today’s enterprises, any solution to manage, protect and recover data should be easy to use and deploy,” said HYCU Founder and CEO Simon Taylor. “HYCU fundamentally believes there is a better way to solve data protection needs, and we are on track to deliver a profoundly simple and powerful solution before the end of the year. Adding strategic investment from Atlassian Ventures and Cisco Investments, along with the on-going support from Bain Capital and Acrew is a testament to what the team has developed and is delivering to customers worldwide.“
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Theresia Gouw, cofounder of Acrew Capital, joins BCV Partners Enrique Salem and Stefan Cohen, and Simon Taylor on the HYCU Board of Directors. Gouw, a well-respected investor and strategic leader, currently serves on several SaaS boards, including SolvHealth, PredictHQ and Ketch. Her experience in the industry will help HYCU as it continues to enhance and grow its solution portfolio to meet customer needs.
“The rise of multi-cloud brings an insurgence of ransomware threats,” said Gouw. “Amidst the current economic climate, the explosion of data assets and the high value of data, we’ve seen HYCU rise as the key way of simplifying the multi-cloud data protection experience including a powerful way to address ransomware protection and recovery. I look forward to being an active member of the HYCU Board of Directors and to help further position HYCU as the leading data backup and recovery solution for multi-cloud and SaaS solutions. This is only the beginning and it’s an exciting time to be paving the way to the future of data protection.”
In recent years, SaaS customers have begun to require answers to how their data is protected. As a result, organizations are identifying the need for data backup and recovery solutions. HYCU provides granular recovery capabilities, supporting individual file systems and networks that enable SaaS services to easily write an enterprise-grade data protection solution directly into its platform.
”In the hybrid world, customers expect to consume cloud delivered as-a-Service offerings. HYCU is applying this to backup and data resiliency with a cloud-native, storage agnostic solution,” said Aleem Rizvon, vice president of Corporate Development for Cisco. “Through Cisco Intersight, we are working to transform many of the traditional IT functions into cloud services. That’s why we are pleased to invest in HYCU as they bring this approach to the data resiliency space.”
“At Atlassian, we believe in breaking down organizational and data silos across technical and business teams. Collaboration is about bringing these teams together, and HYCU does this by allowing customers to work together on a secure and reliable platform,” said Matt Sonefeldt, Head of Atlassian Ventures. “We’re excited to welcome HYCU to the Atlassian Ventures family and believe its approach to data protection as a service creates immense potential for our 200,000+ cloud customers.”
HYCU’s Series B follows a $87.5M Series A led by BCV last year and brings the total investment to $140M in a little over a year. Building on year-on-year bookings growth of 150%, this announcement follows a successful first quarter close, with projections to achieve the same growth rate in 2022. The company also tripled revenue in the past 12 months, maintained a 135% net-retention rate, maintained a 91 net promoter score (NPS), the highest in the industry for data protection companies, and saw a 4x increase in valuation in the last year.
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