- The announcement comes at an hour when enterprises operate in complex and diverse multi-cloud and hybrid environments, where data is stored inside and outside the network’s perimeter.
- HYCU offers cloud-native automated migration, backup, and recovery as a service to help organizations protect their databases and recover apps, data, and Virtual Machines (VMs) in multi-cloud environments.
HYCU, Inc, a hybrid cloud and multi-cloud and recovery service provider, announced that it had raised USD 53 million as a part of a Series B funding round led by Acrew Capital.
The service provider intends to use the funds to meet the demands for multi-cloud protection solutions in on-premises and public cloud environments.
HYCU’s flagship solution, HYCU Protégé, provides establishments with a backup-as-a-service solution to be used to backup apps, virtual machines, and databases in air-gapped cloud storage.
This approach enables enterprises to defend company data against ransomware with data resilience to avoid exfiltration or encryption of data stored in the cloud.
As per reports, ransomware attacks shot up by 92.7% in 2021.
Sustaining data resiliency against ransomware
The announcement comes at an hour when enterprises operate in complex and diverse multi-cloud and hybrid environments, where data is stored inside and outside the network’s perimeter.
CEO and founder of HYCU, Simon Taylor said, “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.”
According to Taylor, “More than 80% of data breaches are the direct result of human error, which can cost billions of dollars. This doesn’t even begin to factor in the rise of ransomware where we are seeing an attack every 11 seconds on companies across North America.”
Taylor believes that in such environments, organizations need the ability to continually backup data so that it is accessible and can recover in the event of a data breach.
HYCU offers cloud-native automated migration, backup, and recovery as a service to help organizations protect their databases and recover apps, data, and Virtual Machines (VMs) in multi-cloud environments.
Cloud backup market in a nutshell
The cloud service provider has received funds at the golden hour when the cloud backup market continues to grow exponentially. Researchers anticipate an increase in value from USD 1834.3 million in 2019 to USD 4229.3 million by 2026.
However, HYCU is not a stand-only company that offers cloud protection and recovery services to combat the growing number of ransomware threats.
One of the neck-to-neck competitors is Rubrik. It is a cloud-based resiliency platform offering automated air-gapped backups for on-premises, multi-cloud, SaaS environments that can’t be encrypted or modified.
Rubik’s evaluation stands at a massive USD 4 billion after receiving Microsoft’s investment last year.
Yet another competitor is Veeam Backup and Replication, which enables organizations to backup and recover data in hybrid cloud environments, with immediate recovery capabilities for Microsoft, SQL, NAS, and Oracle.
Insight Partners now owns Veeam Software. The former purchased the company for USD 5 billion in 2020.
HYCU’s stands apart from other companies because of its on-premises and cloud agility.
Taylor said, “The biggest differentiator HYCU offers is the one familiar experience regardless of location, be it on-premises or in the cloud, as a native data protection solution. Most enterprises have many dozens of data sources, making it a challenge to use the traditional “one size fits all” solution.”