HYCU has bagged $87.5m in a huge A-Series funding, in its first capital raise since it was spun out of Comtrade Software in 2018.
CEO Simon Taylor said the company will spend the new money on growing its application, public cloud and SaaS-based offerings and on hiring 100 sales people in Boston, its home town. The company currently employs 200 people worldwide.
HYCU has developed a cloud-native backup-as-a-service and derives its name from its first product, Hyper-Converged Uptime (HYCU), an application for the Nutanix platform.
HYCU also supplies data protection services for VMware, Google Cloud and Azure customers, and claims more than 2,000 customers in 75-plus countries.
Bain Capital Ventures led the fund raise and Enrique Salem, former CEO of Symantec and BCV partner, will join HYCU’s Board of Directors. He expressed “tremendous confidence that HYCU is poised to win the next transformation in enterprise infrastructure.” His colleague, Stefan Cohen, a principal at Bain Capital Ventures, is also joining the board.
HYCU’s Cloud-native backup competitors include Clumio, Druva, Cohesity and Rubrik.
