Bain Capital Ventures Leads $87.5m Series A Round to Accelerate Growth and Innovation for Boston-based HYCU®
New Funding Will Drive Rapid Expansion and Hiring for Continued Innovation of Multi-cloud Data Protection Software Solutions
BOSTON, MA — March 30, 2021 — HYCU, Inc., a pioneering enterprise software company specializing in multi-cloud data backup and recovery as a service, today announced that it has closed a $87.5 million Series A financing round. Led by Bain Capital Ventures, this new funding reinforces HYCU’s leading market position and continued momentum, and will enable the company to hire more than 100 new employees in the Boston area to achieve rapid scale. HYCU is now poised to consolidate on wide market penetration, as the first as a service, cloud-native backup and recovery solution provider for both on-premises and public cloud IT environments. Acrew Capital also participated in the round.
According to Markets and Markets, the data and backup recovery market is anticipated to be worth well over $11 billion by 2022. However, legacy data protection solutions are predicated on outdated and appliance-based storage, which is an antiquated and complex approach. HYCU’s purpose-built, SaaS-based solution offers a simpler more cost-effective alternative to legacy data protection solutions.
“Today marks a significant milestone in the history of HYCU,” said CEO, Simon Taylor. “From day one, our mission has been to grow responsibly and to deliver innovation and solutions that align with our partners’ and customers’ business objectives. We were the first in the market to understand that companies will always have hybrid infrastructures and need reliable backup and recovery, regardless of where they keep their data. At the time, the concept of breaking data protection silos and running truly as a service across the enterprise seemed a concept versus a reality. We’ve proven it’s not only possible, it’s happening now, and will be the way of the future. To become a member of the Bain Capital family is a testament to the team staying true to our vision for building frictionless, purpose-built solutions that simplify our customers’ evolving data protection needs.”
Since 2017, HYCU has delivered award-winning solutions to eliminate complexity that are intelligent, application-aware services with full-coverage for both on-premises and public clouds. From delivering the industry’s first, purpose-built data protection for Nutanix to expanding to VMware, Google Cloud and Azure Cloud, HYCU now has more than 2,000 customers in more than 75 countries. With the introduction of HYCU Protégé, a lightweight, cost-effective cross-cloud migration, management and disaster recovery solution for enterprise applications, HYCU will use the funding to expand and grow its application, public cloud and SaaS-based innovations as well as hire aggressively in Boston and North America to meet the company’s growth goals. As has been proven, customers benefit from reduced complexity and efficient, reliable data protection, regardless of whether the data resides on-premises or in the public cloud of their choice.
Enrique Salem, Partner at Bain Capital Ventures, will join HYCU’s Board of Directors. Salem has a long and distinguished history in SaaS-based software and data protection, as the former CEO of Symantec, as well as serving as a Board Director at DocuSign and Atlassian. “We are in the early days of a multi-decade shift to the public cloud, but existing on-premises backup vendors are poorly equipped to enable this transition, creating tremendous opportunity for a new category of cloud-native backup providers,” said Enrique Salem, Partner at Bain Capital Ventures. “As one of the early players in multi-cloud backup as a service bringing true SaaS to both on-premises and cloud-native environments, HYCU is a clear leader in a space that will continue to create large multi-billion dollar companies. This, coupled with Simon’s leadership and the senior executive team’s strong technical expertise and deep domain experience, gives us tremendous confidence that HYCU is poised to win the next transformation in enterprise infrastructure.”
Stefan Cohen, Principal at Bain Capital Ventures, also joins HYCU’s Board of Directors. Cohen invests in IT infrastructure software companies at all stages and prior to joining Bain, he built Boston-based Turbonomic’s strategy and operations team. His area of focus is on building cross-functional, go-to-market strategies, process design and operational improvements.
Expanding rapidly in the Boston market reinforces HYCU’s corporate values and commitment to giving back to the markets and communities it serves. Adds Taylor, “We are dedicated to supporting the Boston community, whether that’s hiring locally, investing in local real estate or executing on CSR initiatives. We are building this company for our customers and the markets we serve in the tradition of HYCU, with a focus on authenticity, grit and empathy.”
HYCU is the fastest-growing leader in the multi-cloud backup and recovery as a service industry. By bringing true SaaS-based data backup to both on-premises and cloud-native environments, the company provides unparalleled data protection, migration and disaster recovery to more than 2,000 companies worldwide. HYCU’s award-winning, purpose-built solutions eliminate the complexity, risk and high cost of legacy-based solutions, providing data protection simplicity in a hyper-connected, multi-cloud world. Customers experience frictionless, cost-effective data backup and recovery, no matter where their data resides. Based in Boston, Mass., the company employs 200 people across the globe. Learn more at www.hycu.com.
About Bain Capital Ventures
Bain Capital Ventures partners with disruptive founders to accelerate their ideas to market. The firm invests from seed to growth in startups driving transformation across industries, from SaaS, infrastructure software and security to fintech and healthcare to commerce and consumer tech. The firm has helped launch and commercialize more than 240 companies, including DocuSign, Jet.com, Lime, LinkedIn, Redis Labs, Rent the Runway, SendGrid and SurveyMonkey. Bain Capital Ventures has $6.1 billion in assets under management with offices in San Francisco, New York, Boston, and Palo Alto. Follow the firm via LinkedIn and Twitter.
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