The Multi-cloud Journey Continues with Bain Capital Ventures

When Goran and I first started discussing a new startup, our vision was to build a business that transformed backup and recovery in the same way that public cloud transformed infrastructure. We dreamed of building something simple, elegant and most importantly environment agnostic so that no matter where a customer chose to store their data the performance would remain constant. It was our firm belief that as hybrid, multi-cloud became the norm, organizations would demand functional and performance equivalency across their entire data estate. 

It’s been four years since our initial discussion and we have witnessed incredible shifts in the world of data protection since then. Legacy vendors with products designed more than 20+ years ago to address common challenges have given way to deduplication appliances. These appliances in turn have begun to lose their own grip on the market as more companies shift to the cloud and seek native backup as a service solutions that do not require a hardware commitment or duplicate file system. And throughout all this change, from a global pandemic that drove millions of companies to embrace the public cloud to the need to protect data across increasingly complex multi-cloud environments, HYCU has thrived.

There are a number of reasons for why HYCU has thrived.

1. We have stayed committed to our mission and our vision. 
2. We have built a team that has grown our customer base from zero to 2,000 customers in under three years. 
3. We have successfully shifted our licensing model from perpetual to subscription. 
4. We have executed on our vision, to offer the world’s most effective multi-cloud backup-as-a-service offering. 
5. And, we have done all of this by focusing on the actual needs and priorities of our customers earning their trust and support, which is validated by the 91 NPS score that we’re so proud of.

Through all of this growth, HYCU has remained a private company.

We have never raised capital, and we have never invested for investment sake prematurely in our business. Over the last few years we have learned not only how to build solutions that can dramatically improve a company’s ability to tackle their multi-cloud data management challenges but also how to communicate those solutions to our customers, prospects and partners. Our industry resonance is thanks not to buying awareness in the market but due to the hard work and grit of every HYCUer worldwide. 

Now we are in a unique position. We built an award-winning platform with a deep understanding of what the market requires and customers need. This platform is changing the face of data protection and continues to drive innovation that our customers need to be successful. HYCU is now ready to take the next step in its journey and hyper-accelerate growth. 

As the saying goes “The best things come to those who wait.” And, while I’m rarely described as a patient person, in this case it is most definitely the truth. Today, HYCU joins the prestigious ranks of venture-backed companies worldwide, and we are thrilled to announce an $87.5M funding round led by one of the world’s leading venture capital firms, Bain Capital Ventures. 

As a BCV portfolio company, HYCU now has an incredible opportunity to scale our business to meet customer and partner demands.

More so, the team at BCV have demonstrated time and time again their commitment to helping HYCU continue to grow and expand the value we bring to our customers and partners. As a key part of this funding round, HYCU adds both Enrique Salem and Stefan Cohen to the HYCU Board. Enrique is one of the world’s leading technology executives whose experience running Symantec and leading its acquisition of Veritas remain to this day one of our industry’s most high-profile accomplishments. Stefan brings critical operational and growth expertise from his time at Turbonomic where he helped turn the company into the powerhouse Boston tech firm it is today. 

Money is a powerful and important resource, but the value of these two individuals and the added support of the BCV family will help HYCU launch itself into the leading position in data protection worldwide. 

I am truly excited by what lies ahead -- for our company, employees, customers and partners. In many ways, the journey has only just begun.