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Hycu Locks Down Additional Funding To Grow Its Cloud Data Protection Business

Jun 09, 2022•over 3 years ago
Belgrade

Description

Hybrid Cloud Up Time (HYCU), a self-described “backup-as-a-service” company for customers managing hybrid and multi-cloud environments, today announced that it raised $53 million in a “majority equity” Series B round led by Acrew Capital with participation from Bain Capital Ventures, Atlassian Ventures, and Cisco Investments. In an email interview with TechCrunch, CEO Simon Taylor said that the proceeds will be put toward expanding HYCU’s 300-person team with a particular focus on customer success and partnerships as well as funding the development of new products and services, including a software-as-a-service product.

Company Information

Company

Hycu

Location

Belgrade, Montana, United States

About

The company decided to spin out HYCU while retaining a majority ownership and focusing on integration and outsourcing. At the same time, the analytics firm projected, spending on public cloud services would climb to $304.9 billion — up from $257.5 billion in 2020. HYCU claims to be in a strong position for expansion, with a customer base totaling more than 3,100 organizations including U.S. state and local government agencies, the U.S. Department of Defense, and “multiple” branches of the U.S. military. In 2018, Taylor was appointed CEO of HYCU (pronounced “haiku”), which is based in Boston — where Comtrade Software has a fourth outpost.“HYCU is … focused on data resiliency,” Taylor said.