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Today, hybrid cloud and multi-cloud data backup and recovery service provider HYCU, Inc. announced that it has raised $53 million in a Series B funding round led by Acrew Capital, which will allow it to: wants to meet the demand for multi-cloud solutions -cloud data protection solutions in on-premises and public cloud environments.
The company’s flagship solution, HYCU Protégé, offers businesses a backup-as-a-service solution they can use to back up apps, virtual machines and databases to air-gap cloud storage.
It’s an approach designed to enable organizations to protect their data from ransomware with data resiliency, so that data stored in the cloud cannot be exfiltrated or encrypted, which is a given given that ransomware attacks have ramped up over the past year 92.7% have increased, now is essential.
Maintain data resiliency against ransomware
The announcement comes as enterprises operate in increasingly complex and diverse multi-cloud and hybrid-cloud environments that store data both inside and outside the network perimeter.
“With 92 percent of enterprises rapidly adopting a SaaS-based multi-cloud model, there is a critical need for enterprises to deliver a new breed of solutions that serve as true multi-cloud data protection delivered as a service. said CEO and Founder of HYCU, Simon Taylor.
“More than 80 percent of data breaches are the direct result of human error, which can cost billions of dollars. That doesn’t even begin to take into account the rise of ransomware, as we see an attack on businesses across North America every 11 seconds,” Taylor said.
According to Taylor, in this environment, companies must be able to continuously back up data so that it is available and easy to recover 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 to enable organizations to efficiently protect, manage, and recover apps, 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 grow, with researchers expecting it to grow from $1834.3 million in 2019 to $4229.3 million by 2026.
However, HYCU is not the only organization offering a cloud data protection and recovery service to combat the growing number of ransomware threats.
One of the company’s main competitors is Rubrik, a cloud-based data resiliency platform that provides businesses with automated, air-gap backups for on-premises, multi-cloud, and SaaS environments that can’t be modified, deleted, or encrypted. Rubrik is currently valued at $4 billion following a Microsoft investment last year.
Another key competitor is Veeam, with Veeam Backup and Replication, which enables organizations to back up and restore data in hybrid cloud environments with instant recovery capabilities for NAS, Microsoft SQL, and Oracle. Veeam Software was bought by Insight Partners for $5 billion in 2020.
However, HYCU’s on-premises and cloud agility is one of its key differentiators from other products.
“The biggest differentiator that HYCU offers is the one familiar experience, regardless of location, be it on-premises or in the cloud, as a native data protection solution. Most companies have many dozens of data sources, making it challenging to use the traditional “one size fits all” solution,” Taylor said.
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