HYCU has raised $53 million in funding to enhance its multi-cloud data protection platform

HYCU has raised $53 million in funding to enhance its multi-cloud data protection platform ...

As a service provider, hybrid cloud and multi-cloud data backup and recovery have been announced, including as part of a Series B funding round led by Acrew Capital, which it hopes to exploit to meet the demand for multi-cloud data protection solutions in on-premise and public cloud environments.

HYCU Protege, the organization''s main focus, is providing organizations with a backup-as-a-service solution they may be able to use to backup apps, virtual machines, and databases in air-gapped cloud storage.

It''s an approach designed to assist companies to protect their data against ransomware with data protection, which is now essential given that ransomware attacks increased by 92.9 percent last year.

Maintaining data resilience against ransomware

The announcement comes as enterprises operate in multi-cloud, hybrid and rapidly changing environments in which data is stored inside and outside of the network perimeter.

HYCU''s CEO and founder, Simon Taylor, believes that organizations should develop a new set of solutions that serve as a true multi-cloud data protection as a service.

According to Taylor, more than 80 percent of data breaches are the direct result of human error, which can cost billions of dollars. This doesn''t even begin to intervene in the rise of ransomware, where we are seeing an attack every 11 seconds on businesses in North America.

Taylor claims that organizations must be capable of continuing to backup data so that it is safe and secure in the event of a data breach.

HYCU works to address these challenges by providing cloud-native automated data migration, backup, and recovery as a service so that organizations may effectively protect, manage, and recover applications, data, databases, and VMs in multi-cloud environments.

A brief look at the cloud backup market

The organization''s funding comes as the cloud backup market continues to rise, with researchers anticipating an increase in value from $1834.3 million in 2019 to $4229.3 million by 2026.

To combat the growing number of ransomware threats, HYCU isn''t the only organization that provides a cloud data protection and recovery service.

Rubrik, a cloud-based data resilience platform that allows businesses to maintain automated air-gapped backups for on-premises, multi-cloud, and SaaS environments that cannot be modified, deleted or encrypted, has gained a reputation of $4 billion.

Veeam with Veeam Backup and Replication, which allows enterprises to backup and recover data in hybrid cloud environments, with instant recovery capabilities for NAS, Microsoft SQL, and Oracle. Veeam Software was purchased by Insight Partners for $5 billion in 2020.

Although HYCUs on-premises and cloud agility are among the most powerful differences from other products.

As a native data protection solution, HYCU''s biggest diversiator is the one familiar experience regardless of location, whether it be on-premises or on the cloud. Taylor believes that the traditional one size fits all solution poses challenges.

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