Funding round secures $53M for HYCU

SecurityWeek reports that Massachusetts-based backup-as-a-service company HYCU has landed a $53 million investment from a Series B funding round led by Acrew Capital, with total investment amounting to $140.5 million. HYCU, which has been providing backups for data stored across various cloud services or on-premises and in the cloud since 2018, announced that it will be allocating the newly-raised funds toward go-to-market efforts amid rising product demand. A developer-led software-as-a-service offering will also be included in HYCU's investments. Moreover, the company also intends to strengthen its product marketing and customer success staff, as well as partnerships with other vendors. "Amidst the current economic climate, the explosion of data assets, and the high value of data, weve seen HYCU rise as the key way of simplifying the multi-cloud data protection experience including a powerful way to address ransomware protection and recovery," said Acrew Capital co-founder Theresia Gouw.