Boston, Massachusetts, Oct. 17, 2022 (GLOBE NEWSWIRE) -- HYCU, Inc., the world’s fastest-growing multi-cloud data protection as a service company, announced today a strategic investment from Okta Ventures as part of its Series B extension. The investment follows on the company's $53M financing led by Acrew Capital that included Bain Capital Ventures (BCV) and new strategic investors Atlassian Ventures and Cisco Investments.
"With more than 150 data sources being used at midsize enterprises alone, the need to protect and be prepared for a recovery situation in the inevitable event of a ransomware attack, has never been greater,” said Simon Taylor, founder and CEO. “Connecting Okta's powerful SSO and identity management solutions with HYCU’s Protégé platform ensures data is available and protected regardless of location. We are thrilled to welcome Okta Ventures as an investor and to collaborate with Okta and the power of their industry-leading platform to provide a secure, easy to use and intuitive data protection solution for enterprise users around the world.”
100+ customers globally tap the power of Okta and HYCU. Okta's SSO solution gives shared users a powerful data security and ransomware protection capability to minimize and decrease risks of data breaches.
"At Okta Ventures, we have a fundamental belief in investing in companies that build cutting-edge technologies to solve complex challenges and keep the world safer," said Austin Arensberg, director of Okta Ventures. "HYCU is pushing the envelope and developing solutions that solve data protection challenges regardless of location. Data is the lifeblood of any organization and without reliable access to data, many of the items we take for granted would not be possible, from processing a payment transaction to performing a life-saving medical procedure. We are thrilled to be a part of their journey."
The recent Series B brings $140M in venture funding to HYCU in just over one year. Since the round closed, HYCU was named a Visionary in the 2022 Gartner Magic Quadrant for Enterprise Backup and Recovery Software Solutions and a BostInno 50 on Fire. The Director of IT at a leading French Construction Company said, “Using HYCU proved a real advantage, because it is very secure, and it offers a really powerful and simple process to restore in case of damage or a ransomware attack.”
For more information on HYCU and to learn more, visit HYCU at Oktane22, the 10th Annual Okta User Conference at the Moscone Center in San Francisco from Nov. 8-10th. To experience HYCU Protégé firsthand, register at https://www.hycu.com/get/demo.
About HYCU
HYCU is the fastest-growing leader in the multi-cloud data protection as a service industry. By bringing true SaaS-based data backup and recovery to both on-premises and cloud-native environments, the company provides unparalleled data protection, migration, disaster recovery, and ransomware protection to thousands of companies worldwide. As an award-winning and recognized visionary in the industry, HYCU solutions eliminate complexity, risk, and the high cost of legacy-based solutions, providing data protection simplicity to make the world safer. With an industry leading NPS score of 91, customers experience frictionless, cost-effective data protection, anywhere, everywhere. HYCU has raised $140M in VC funding to date and is based in Boston, Mass. Learn more at www.hycu.com.
