HYCU lands $53 million to enhance its multi-cloud data protection service 

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Today, Hybrid Cloud and Multi-Cloud Data Backup and Recovery HYCU, Inc. as a service provider. Has announced that it has raised $ 53 million as part of a series B funding round led by Acrew Capital, which it intends to use to meet the demand for on-premises and multi-cloud data protection solutions in the public cloud environment.

The organization’s flagship solution, HYCU Protégé, provides organizations with a backup-a-a-service solution that they can use for backup applications, virtual machines and databases in air-gapped cloud storage.

It is an approach designed to enable enterprises to protect their data against ransomware with data resilience, so that data stored in the cloud cannot be executed or encrypted, which now requires a 92.7% increase in ransomware attacks last year.

Maintaining data resilience against ransomware

The announcement comes as the enterprise operates in increasingly complex and diverse multi-cloud and hybrid cloud environments, where data is stored inside and outside the perimeter of the network.

“While 92 percent of organizations are rapidly adopting the SaaS-based multi-cloud model, there is an urgent need for companies to deploy a new generation of solutions that serve as true multi-cloud data security delivered as a service. CEO and founder of HYCU, Simon Taylor said.

“More than 80 percent of data breaches are a direct result of human error, which can cost billions of dollars. This doesn’t even start a factor in the rise of ransomware where we see attacks on North American companies every 11 seconds, “said Taylor.

In this environment, Taylor says organizations need to have the ability to constantly back up data so that it is available and easily recovered in the event of a data breach.

HYCU seeks to address these challenges by offering cloud-native automated data migration, backup and recovery as a service so that organizations can effectively secure, manage and retrieve apps, data, databases and VMs in a multi-cloud environment.

A brief look at the cloud backup market

The organization’s funding comes as the cloud backup market continues to grow, with researchers expecting it to increase from $ 1834.3 million in 2019 to $ 4229.3 million by 2026.

However, HYCU is not the only organization offering cloud data protection and recovery services to combat the growing threat of ransomware.

One of the organization’s main competitors is Rubric, a cloud-based data resilience platform that offers enterprises automated air-gaped backups for on-premises, multi-cloud and SaaS environments that cannot be modified, deleted or deleted. Rubric is currently valued at $ 4 billion, following Microsoft’s investment last year.

Another notable competitor is Veeam with backup and replication, which enables enterprises to back up and recover data in a hybrid cloud environment, with instant recovery capabilities for NAS, Microsoft SQL and Oracle. Veeam Software was purchased by Insight Partners in 2020 for 5 billion.

However, HYCU’s on-premise and cloud agility are the main differences from other products.

“The largest differentiator HYCU offers is a familiar experience regardless of location, whether on-premises or in the cloud, as a native data protection solution. Most enterprises have several dozen data sources, which are traditionally” one size The fit in all “makes using a solution a challenge,” Taylor said.

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