Fast-growing Boston software company HYCU — pronounced “haiku” — announced on Tuesday that it has raised $87.5 million in its first round of venture capital.
The startup, which offers businesses multi-cloud data backup and recovery services, said the funding will allow it to hire more than 100 employees in Boston as it rapidly grows. HYCU provides data management for both on-premise and public clouds, including VMware and Google Cloud.
“We were the first in the market to understand that companies will always have hybrid infrastructures and need reliable backup and recovery, regardless of where they keep their data,” said Simon Taylor, the company’s cofounder and chief executive. “We’ve proven it’s not only possible, it’s happening now, and will be the way of the future.”
The funding round was led by Boston-based Bain Capital Ventures, with participation from Acrew Capital. Enrique Salem, a partner at Bain Capital Ventures who will join HCYU’s board of directors, said, “We are in the early days of a multidecade shift to the public cloud.”
“HYCU is a clear leader in a space that will continue to create large multibillion dollar companies,” Salem said.
HYCU, which has 200 employees globally, serves more than 2,000 customers in more than 75 countries. The company was founded inside Serbian IT company Comtrade Group as Comtrade Software, but moved its headquarters to Boston in 2016 and spun out as HYCU two years later.
Taylor, a Northeastern University graduate, added that the company is “dedicated to supporting the Boston community, whether that’s hiring locally, investing in local real estate, or executing on [corporate social responsibility] initiatives.”