HYCU plans to use the funds to scale its go-to-market initiatives. Here are the top-line bullets you need to know.
HYCU, a multi-cloud data protection service provider, has raised $53M in a Series B. The round drew participation from Acrew Capital, Atlassian Ventures, Bain Capital Ventures, and Cisco Investments.
How’s the company performing?
- Massachusetts-based HYCU provides data protection, migration, and disaster recovery services.
- HYCU has over 3K customers, including MUA, Emerson, Pacific Insight, and the U.S. Department of Defense.
- The company claims that its bookings have grown by 150% year-over-year.
- Over the past year, the company has seen its revenue and valuation grow by 3x and 4x, respectively.
- It is supported by a team of 300 employees.
Why does the market matter?
- The global cloud security market is expected to reach $77.5B by 2026, growing at a CAGR of 13.7%, according to Markets and Markets.
- The increased adoption of cloud computing as well as the rise of more sophisticated cyberattacks have contributed to market growth.
- The acceleration of digital transformation initiatives amid the pandemic drove up cloud computing adoption, which has increased the demand for cloud security solutions.
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