Backup-as-a-service firm HYCU has raised $53 million in a Series B funding round that brings the total invested in the company to $140.5 million.
The new funding round was led by Acrew Capital, with participation from all previous investors, along with Atlassian Ventures and Cisco Investments.
Founded in 2018, the Boston, Massachusetts-based HYCU sells technology that helps organizations protect their data regardless of whether it is scattered across multiple cloud services or both in the cloud and on-premises.
The company said the new funding will be used to invest in go-to-market initiatives to meet increasing demand for its products. It will also invest in launching a new developer-led SaaS service. In addition, the company plans to expand alliances, product marketing, and customer success teams.
“Amidst the current economic climate, the explosion of data assets and the high value of data, we’ve 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,” Theresia Gouw, cofounder of Acrew Capital, said.