HYCU Raises $53M Series B
Last night I watched Paul McCartney play before a packed Fenway Park in Boston. As you can imagine, he is more than just an icon in the music industry. He captivated everyone there, including me. I was reminded of a recent comment someone made to me at an investment conference in New York City. “I’ve heard of HYCU, you guys are the Beatles of Backup.” To think of how far we have come as a company in such a short time, and to hear comments like that, are truly memorable.
Fast forward to today, and I’m incredibly proud of another milestone day for all of us at HYCU. A day where we all come together at HYCU, and the industry, to celebrate our Series B for $53M. That brings the total raised to date in a little over a year to $140M.This Series B is significant for a number of reasons.
“I’ve heard of HYCU, you guys are the Beatles of Backup.”
First, our new strategic investors, Atlassian Ventures and Cisco Investments. Atlassian, the pioneers of Product Led Growth, is going to be a key part of HYCU’s strategy going forward. Working with Atlassian to help enable HYCU’s mission to eliminate data silos across all sources, and to provide true end-to-end data protection across on-prem, public cloud and SaaS applications, is only going to be accelerated by support from the team at Atlassian Ventures. The second strategic investor, Cisco Investments, is equally important to us. When you think about the cloud and the work Cisco has done through Cisco Intersight to transform many of the traditional IT functions into cloud services, we view the world in much the same way – take key technology and make it available as a SaaS service. The fact that Cisco reached out to us and said, “we love what you are doing with multi-cloud data protection and that you offer customers the flexibility to bring their own storage” tells us that there's going to be a really, really unique opportunity to begin some great conversations about what’s possible together.
Second, from a business perspective, we have all read about the latest with the capital markets and economic turmoil that has everyone on edge. The fact that HYCU has been able to raise such a significant round, not only with these strategic investors, but also by bringing back our initial investors Acrew Capital and Bain Capital Ventures, from last year’s $87.5M Series A, speaks volumes about the success that we've had as a company over the past twelve months. Their commitment to make sure that HYCU continues to deliver on becoming a truly iconic business in the backup as a service, resiliency as a service, and data protection industries is a massive vote of confidence.
“We love what you are doing with multi-cloud data protection and that you offer customers the flexibility to bring their own storage," - Cisco Investments
Third, there are a number of great parts to this announcement. There's always the investment, which is great. There's the new strategic investors, Atlassian Ventures and Cisco Investments. But, and equally as important, we're also adding a new powerhouse to the HYCU Board of Directors, Theresia Gouw, cofounder of Acrew Capital. Theresia has been recognized by a number of organizations as one of the most innovative thinkers in the world. She was also one of the original investors inFacebook, and I am honored and privileged to have her joining us as a member of the HYCU Board. I'm excited to learn from her and have her on our journey together.
Finally, what does this mean for all of us at HYCU? In one word, it means focus. While global disruptions, the war in the Ukraine and economic downturns can be a massive distraction, the fact that HYCU is so well-resourced ensures that we will be able to focus on executing extremely well, both now and in the future. I also think it brings in a breath of fresh air at HYCU. When we think about working with new strategic partners and building new relationships, that makes the work we all do in making HYCU a ubiquitous platform across the world, more meaningful. I think certainly this additional investment, as well as the addition of Theresia to the Board, the support from Acrew and Bain Capital Ventures and the addition of new strategic investors Atlassian Ventures and Cisco Investments, all contribute to that sort of rare air we all breathe at HYCU.
I am excited at what’s to come, and I look forward to continuing to grow with more customers and partners in the weeks and months ahead. As I have said before, in many ways, we are just getting started.