HYCU, a fast-growing provider of hybrid and multi-cloud backup and recovery as a service, has secured an additional $53 million in venture funding, adding to its existing $87 million in backing.
The company grew 150% in 2021 and expects to exceed that growth rate this year, CEO Simon Taylor said in a recent interview.
The Series B round of $53 million was led by Acrew Capital. All Series A investors returned, including Bain Capital Ventures (BCV). Atlassian Ventures and Cisco Investments also participated in the round.
HYCU, which stands for Hybrid Cloud Uptime, said the new funding will help accelerate go-to-market initiatives supporting significant demand in HYCU’s multi-cloud data protection products across on-premises and public cloud environments, including bringing to market a new developer-led SaaS service. The company estimates 92 percent of organizations are adopting a SaaS-based multi-cloud model.
The company supports all major private clouds (Nutanix, VMware) as well as the major public cloud giants (Microsoft Azure, Google Cloud, and Amazon AWS).
Over the past 12 months, HYCU has added 165 employees. The new funding will accelerate key positions in alliances, product marketing, and customer success.
HYCU also offers ransomware protection and recovery capabilities that are vital in a multi-cloud environment with an explosion of high-value data assets.
Cybersecurity for Community Banks
In other funding developments, DefenseStorm a provider of cloud-based cybersecurity, compliance and fraud technology, and managed services to financial services firms, said it completed a $15 million Series C funding round, led by a $5 million investment from JAM FINTOP, which has dozens of community and mid-size banks as limited partners.
The latest round brings DefenseStorm’s total funding to $67 million.
The typical community bank (the target customer for DefenseStorm), faces 90 million cyber events daily while lacking the technology and tech skills to contend with such a myriad of threats, DefenseStorm says.
DefenseStorm offers the following products and services:
- DefenseStorm GRID, is a cloud-based platform supported by experts in financial institution security and compliance. It watches everything on a bank or credit union’s network and matches it to defined policies for real-time cyber exposure readiness. Compliance evidence can also be linked to a bank’s own policies and internal controls.
- A Threat Ready Active Compliance (TRAC) Team that augments a bank or credit union’s internal team to protect business continuity and skills availability while also ensuring cost-effective coverage and management.