HYCU backup closes first funding round, eyes IPO

Friday, April 2nd 2021

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A mixture of research and development (R&D) plus sales investment makes sense, said Krista Macomber, senior analyst at Evaluator Group.

“HYCU likes to go deep on optimizing for certain environments like Nutanix and Microsoft, and additional R&D support could help to bring solutions to market a bit more quickly while keeping the same standards for quality,” Macomber said. “Additional sales support could help to increase HYCU’s awareness and traction in these markets that have quickly become very crowded.”

…”What could make an IPO make sense is that HYCU is targeting growing areas of the market that are seeing investment — like SaaS protection,” Macomber said.

HYCU had existed under the Comtrade Software label, launching its first product in June 2017. The Comtrade Group spun off HYCU into a separate company in March 2018, when Taylor became CEO.HYCU claims 2,000 customers. Taylor said he wants to drive awareness of the company worldwide. Just as Salesforce is considered the consummate CRM platform, Taylor wants HYCU to be the same for end-to-end backup as a service.

Though he did not provide specifics, Taylor said the company plans to expand across platforms and can natively integrate new services.

Support for Google Workspace could make sense given HYCU’s existing Google Cloud service, Macomber said. Protection for other SaaS applications, such as Salesforce, is a possibility as well.

“I’d also look for some additional activity around containerized workloads, which are coming down the pike in terms of production usage — meaning that their protection needs to be planned for,” Macomber said.


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