A backup as a service company, Hybrid Cloud Up Time (HYCU) , announced as of 9th June that it had secured a funding of USD 53 million in its series B funding round. HYCU manages hybrid and multi-cloud environments for its customers. The recent financing secured by the company serves as majority equity for the enterprise. This funding round was led by Acrew Capital and saw participation from companies like Atlassian Ventures , Cisco Investments and Bain Capital Ventures.
In an email interview with TechCrunch, the CEO of HYCU, Simon Taylor, stated that investments will be used to expand the company's 300-person team. Their primary focus will be partnerships, customer success, and developing newer products and services. This development also includes software-as-a-service (SaaS) products. Taylor also added that the enterprise is focused on building data resiliency. Considering the rise in data generation in the coming years, it will become essential to find a way to handle this intake. Hence the use of hybrid cloud and multi-cloud systems will see a boom in the coming future. In addition, the number of data silos within businesses is constantly growing. These are why HYCU's existing and prospective investors are collaborating with the company to solve these problems. Taylor also added that the company experienced most of its growth during the pandemic. The reason for this was the increased need to simplify the ransomware recovery process. Furthermore, the pandemic has also led to the fastest rise in the use of multi-cloud systems, which has led to the awareness around protecting one's cloud data, as individuals have started to take their online security more seriously.
HYCU provides data security software for multi-cloud and hybrid cloud systems. While "multi-cloud" and "hybrid cloud" refer to deployments that include multiple clouds, the types of infrastructure involved differ. A hybrid cloud combines two or more types of clouds (for example, an on-premises data centre and a public cloud such as Amazon Web Services), whereas a multi-cloud mixes multiple clouds of the same type (e.g., Amazon Web Services and Google Cloud Platform). HYCU sells cloud migration, security credential management, disaster recovery, and backup and recovery technologies, most of which are self-serve. Taylor sees the company's products competing with mainframe-based legacy data protection providers, app-based data protection and management firms, and cloud-native "backup-and-recovery-as-a-service" suppliers.
About HYCU
HYCU, also called "haiku," was formed in 2018 as part of a rebranding of Comtrade Software, a Boston-based company with operations in Chicago, Ljubljana, Slovenia, and Belgrade, Serbia. The CEO of HYCU, Simon Taylor, was instrumental in Citrix acquiring Comtrade's management packs for Microsoft's System Center Operations Manager in 2016. HYCU was able to focus on developing multi-cloud data protection solutions as a result of the agreement. In addition, to enable hyper-converged data centres, HYCU delivers application-focused data protection and monitoring software. As of today, the company is estimated to be around USD 140.5 million.
About Acrew Capital
Acrew Capital is a venture capital firm that helps various angel investors fund tomorrow's businesses by providing investable assets. The company is based in San Francisco, California. Acrew Capital is a major women-founded enterprise founded by Asad Khaliq, Lauren Kolodny, Mark Kraynak , Theresia Gouw , and Vishal Lugani .
