HYCU Funding, Investors & Competitors

HYCU has raised $141M across 2 funding rounds, most recently a $53M Series B in June 2022.

See full HYCU profile

Last HYCU funding round

$53M

Series B · Jun 2022

Cumulative funding HYCU raised

$141M

across 2 funding rounds

Key investors in HYCU

  • Bain Capital Ventures
  • Acrew Capital
  • Cisco Investments
  • Atlassian Ventures
  • overtime.vc
  • Alpha Square Group

HYCU Overview

About HYCU

HYCU is a multi-cloud data protection platform protecting Nutanix, VMware, AWS, Azure, and SaaS apps like Microsoft 365 and Salesforce. Its R-Cloud service enables policy-based backups, granular recovery, and ransomware detection with air-gapped immutability. Boston-headquartered since 2018, HYCU secures over 1,000 enterprises including IBM and Palo Alto Networks.


Founded

2018

HQ

United StatesBoston, MA

Website

hycu.com

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

HYCU Funding History

HYCU has raised a total of $141M across 2 funding rounds.

HYCU's first fundraising round was a $88M Series A in March 2021. The most recent completed round was a $53M Series B in June 2022.

HYCU funding rounds

HYCU funding rounds
DateStageInvestorsRaisedDeal Summary
Jun 2022Series BAcrew Capital (lead); Atlassian Ventures; Cisco Investments; Bain Capital Ventures; Alpha Square Group$53MHYCU is an enterprise backup-as-a-service company headquartered in Boston, Massachusetts, founded in 2018. The company specializes in hybrid cloud and multi-cloud data backup and recovery solutions, helping organizations protect data scattered across multiple cloud services and on-premises environments. HYCU positions itself as a simplified approach to multi-cloud data protection and ransomware recovery. In June 2022, HYCU announced a $53 million Series B funding round led by Acrew Capital, with participation from all Series A investors including Bain Capital Ventures, plus new strategic investors Atlassian Ventures and Cisco Investments. This round brought total funding to approximately $140.5 million in just over a year, following a $87.5 million Series A led by Bain Capital Ventures in 2021. The company demonstrated strong traction heading into the Series B: it tripled revenue in the 12 months prior to the announcement, achieved year-over-year bookings growth of 150%, maintained a 135% net-retention rate, and boasted a 91 net promoter score—claimed as the highest in the industry for data protection companies. The company also experienced a 4x increase in valuation over the prior year. Founder and CEO Simon Taylor indicated the company was on track to launch a new developer-led SaaS service before the end of 2022. Proceeds from the Series B were allocated to go-to-market initiatives, product development, expansion of the customer success team, and strengthening vendor partnerships. Theresia Gouw, co-founder of Acrew Capital and an early Facebook investor, joined HYCU's Board of Directors.
Mar 2021Series ABain Capital Ventures (lead); Acrew Capital; overtime.vc$88MHYCU, Inc., a Boston-based enterprise software company founded in 2017 or 2018, specializes in multi-cloud data backup and recovery as a service, offering the HYCU Protégé solution for cross-cloud migration, management, and disaster recovery. The company targets mid-market and enterprise customers, integrating with platforms like Nutanix, VMware, Google Cloud, Azure, and AWS, positioning itself as a simple, SaaS-based alternative to legacy on-premises backup vendors in the growing data protection market projected to exceed $11 billion. On March 30, 2021, HYCU closed an $87.5 million Series A funding round led by Bain Capital Ventures, with participation from Acrew Capital and overtime.vc, marking its first major outside investment. The funds are earmarked for rapid expansion, hiring over 100 employees in Boston, enhancing SaaS-based innovations, and scaling go-to-market efforts amid a multi-decade shift to public cloud. Bain Capital Ventures partners Enrique Salem and principal Stefan Cohen joined HYCU's board, leveraging their experience in IT infrastructure software. At the time, HYCU reported over 2,000 customers across 75 countries and 12 offices worldwide, up from 1,400 at the start of 2020, with approximately 300 employees. The company claimed 450% growth in the prior year, an industry-leading NPS score of 91, and total funding of $140M to date as noted in later updates. HYCU competes with Rubrik, Veeam, Veritas, and Commvault, emphasizing ransomware protection and cloud-native simplicity over the status quo. The investment aligns with Bain Capital Ventures' portfolio in data infrastructure, including Nutanix and Rubrik, underscoring HYCU's momentum in addressing hybrid multi-cloud data protection needs.

Who has invested in HYCU?

6 investors have backed HYCU across its funding rounds, including Bain Capital Ventures, Acrew Capital, Cisco Investments, Atlassian Ventures, overtime.vc and Alpha Square Group.

Lead investors include Acrew Capital and Bain Capital Ventures.


HYCU Investors

Investors in HYCU by funding rounds participated
InvestorHQRoundsRoleFirst check
Acrew CapitalUnited StatesSan Francisco, CA2LeadMar 2021
Bain Capital VenturesUnited StatesSan Francisco, CA2LeadMar 2021
Atlassian VenturesAustraliaSydney1ParticipantJun 2022
Cisco InvestmentsUnited StatesUnited States1ParticipantJun 2022

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HYCU Competitors

HYCU competitors include listed companies like IBM and Cloudflare, and private ones like Cato Networks, Island, Sysdig and Aviatrix.

Public and private companies comparable to HYCU
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
IBMUnited StatesUnited StatesPublicly listed$68B$17B$224B4.0x
CloudflareUnited StatesUnited StatesPublicly listed$2.2B($25M)$119B44.3x
Cato NetworksIsraelTel AvivPrivate$300M-$4.8B16.0x
IslandUnited StatesDallas, TXPrivate--$4.8B-
SysdigUnited StatesSan Francisco, CAPrivate--$2.5B-
AviatrixUnited StatesSan Jose, CAPrivate$40M-$2B50.0x

HYCU Public Comps

HYCU is still privately-owned, but its public comps include Alphabet, Microsoft, Amazon, Oracle, Cisco, Dell, Palo Alto Networks, Alibaba Group, CrowdStrike and IBM.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Alphabet$403B$176B10.2x8.7x23.3x19.0x
Microsoft$332B$205B11.1x10.7x18.0x17.5x
Amazon$717B$161B3.9x3.5x17.5x13.8x
Oracle$67B$33B8.6x7.8x17.7x13.9x
Cisco$63B$19B7.1x6.9x23.4x17.9x
Dell$114B$12B3.5x2.4x34.3x20.1x
Palo Alto Networks$11B$1B26.7x25.9x301.1x76.9x
Alibaba Group$153B$15B1.7x1.6x17.5x13.0x

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Common questions about HYCU

When was HYCU founded?HYCU was founded in 2018.
Where is HYCU headquartered?HYCU is headquartered in Boston, MA, United States.
Is HYCU publicly listed?No, HYCU is a private, VC-backed company.
How much funding has HYCU raised?HYCU has raised $141M across 2 funding rounds.
What was HYCU's last funding round?HYCU's last funding round was a $53M Series B in June 2022, led by Acrew Capital.
Who are HYCU's investors?HYCU's investors include Acrew Capital, Bain Capital Ventures, Atlassian Ventures, Cisco Investments, Alpha Square Group and overtime.vc.
Which companies are comparable to HYCU?Companies comparable to HYCU include IBM, Cloudflare, Cato Networks, Island, Sysdig and Aviatrix.

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