This is the first major outside funding that the company has announced since being founded in 2018, but in that time it has grown into a sizeable competitor against others like Rubrik, Veeam, Veritas and CommVault. The funding is being led by Bain Capital Ventures, with participation also from Acrew Capital (which was also in the news last week as an investor in the $118 million round for Pie Insurance). The company also has built a tool to help migrate data for enterprises, HYCU Protégé, which will also be expanded. The company is probably known best for its integration with Nutanix, but has over time expanded to serve enterprises building and operating IT and apps over VMware, Google Cloud, Azure and AWS. It is pronounced “haiku”, which Taylor told me refers not just to that Japanese poetic form that looks simple but hides a lot of meaning, but also “hybrid cloud uptime.” It’s still mostly focused on one specific environment and can’t perform well when multi-cloud is being used.”Īnd HYCU’s name fits with that ethos. “If you look at primary storage, it’s become very SaaS-ifed, with no professional services required,” he continued. HYCU’s premise and ambition, CEO and founder Simon Taylor said in an interview, is to provide backup and storage services that are as simple to use “as backing up in iCloud for consumers.” HYCU, which provides multi-cloud backup and recovery services for mid-market and enterprise customers, has raised $87.5 million, a Series A that it the Boston-based startup will be using to invest in building out its platform further, to bring its services into more markets, and to hire 100 more people. Today, one of the companies that has emerged as a strong player in data backup and recovery is announcing its first major round of funding. As more companies become ever more reliant on digital infrastructure for everyday work, the more they become major targets for malicious hackers - both trends accelerated by the pandemic - and that is leading to an ever-greater need for IT and security departments to find ways of protecting data should it become compromised.
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