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Cloud backup and recovery company HYCU raises $ 87.5 million

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HYCUThe company developing data backup and recovery solutions for enterprises today announced that it has completed $ 87.5 million in a Series A round led by Bain Capital Ventures. With the introduction of HYCU Protégé, an enterprise app disaster recovery solution, HYCU says it will use this money to expand and expand software-based innovations as apps, public clouds and services, and aggressively adopt them in Boston. .. North America to achieve growth goals.

Few catastrophes are more disruptive to businesses than data loss, and unfortunately there are countless causes.recently Survey About one-third of IT professionals blame hardware or system failures, and 29% say data was lost due to human error or ransomware.that is Estimated More than 93% of organizations that lost their servers for more than 10 days during a disaster filed for bankruptcy within the next 12 months, and 43% did not resume. These statistics are more alarming in the light of a high-profile outage like OVHCloud. Early this monthRemoved 3.6 million websites, from government agencies to financial institutions to computer game companies.

Founded in 2018 and headquartered in Boston, Massachusetts, HYCU offers modular data management services designed to simplify multi-cloud data migration, disaster recovery, and data protection management. It provides software-based data backup as a service for both on-premises and cloud-native environments, with some support for platforms such as VMware, Amazon Web Services, Nutanix, Google Cloud Platform, and Microsoft Azure. I am aiming for it.

“HYCU believes in harnessing the power of AI and making it transparent to users. The way it appears to end users is what we call intelligent simplicity,” said CEO Simon. Taylor explained to VentureBeat by email. “For example, unlike many other solutions, with HYCU, you don’t have to tell the software where to save your backups. Automatically match your service level contracts with the capabilities of your network and backup targets. And find the right place. This approach saves effort and keeps costs at optimal levels. “

According to Gartner, data-driven downtime costs the average enterprise $ 300,000 per hour, or $ 5,600 per minute. Perhaps that’s why Markets and Markets predict that the data and backup recovery market will be well worth over $ 11 billion by 2022.

HYCU is based in San Francisco LubrikSo far, it has raised $ 535 million in venture capital to provide live data access and recovery. CohesiveWe are proud that this is the industry’s first hyper-converged secondary storage for backup, development, file services, and analytics.Needless to say Data Recovery Jaguar Note VeeamCurrently, it serves 80% of Fortune 500s and 58% of Global 5000s. Acronis, $ 147 million In September, a suite of data backup, protection, and restore tools was offered.And cloud data backup and recovery company Walmio..

“Many of our customers’ use cases are centered around being able to perform backups and recovery in specific on-premises environments such as Nutanix and VMware, or solutions that are easy to run and deploy from specific cloud platforms such as Google Cloud and Azure Cloud. May be needed, “says Taylor. “Especially in the Nutanix environment, we have many years of extensive support for our solutions.”

With more than 200 employees, HYCU claims to have more than 2,000 customers worldwide. ACrew Capital has also participated in the company’s latest funding round.

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Cloud backup and recovery company HYCU raises $ 87.5 million

https://venturebeat.com/2021/03/30/cloud-backup-and-recovery-company-hycu-raises-87-5m/ Cloud backup and recovery company HYCU raises $ 87.5 million

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