Enterprises want and need to move ahead with SaaS-based backup offerings to simplify their backup environment. However, enterprises loathe risk. This means they will make even an established enterprise SaaS-based backup provider prove itself before implementing its offering. Thanks to its latest $53 million dollar investment, HYCU may more expeditiously address their concerns so enterprises may implement SaaS-based backup sooner rather than later.
Source: HYCU
Enterprises Want SaaS-based Backup But …
The more that organizations focus on their core competencies, the more successful and profitable they tend to become. This mindset helps explains why more organizations want to implement software-as-a-service (SaaS) offerings. Specifically, they want the benefits the software delivers. At the same, they want to shed the ongoing responsibility of managing and maintaining its underlying software and hardware.
This represents the challenge enterprise consumers of SaaS offerings face, especially when they go to select SaaS-based backup offerings. They want the simplicity and innovation they bring. However, they cannot haphazardly deploy them because they touch and protect so much of their cloud and hybrid IT infrastructure.
SaaS-based backup offerings must cross a higher bar. Enterprises need an established, technically sound, enterprise level backup and recovery SaaS-based offering. This offering must deliver robust, feature-rich backup and recovery services.
Further, enterprises often need for the provider to demonstrate its financial viability. They may want evidence of how well it provides back end technical support nationally or globally. They may simply want more of their peers to also use it before they commit to subscribing to it.
Overcoming this combination of technical, financial, and intangible hurdles represents a significant undertaking for any new SaaS provider. They become even more significant for SaaS providers entering a mature market such as backup and recovery.
An Established and Growing Enterprise SaaS-based Backup Offering
HYCU already has demonstrated its enterprise technical chops in SaaS-based backup. DCIG has previously recognized HYCU with TOP 3 and TOP 5 awards for its enterprise backup and recovery capabilities for Azure and Google cloud backup and VMware vSphere.
Further, HYCU was in the process of addressing these other intangible enterprise concerns even before it accepted these additional funds. Consider:
- It has taken in nearly $90M in investment over the past year with this $53M bringing the total to over $140M
- It has tripled its revenue over the past 12 months.
- It has grown its year-over-year bookings by 150%
- It maintains a net promoter score of 91 percent, the highest among data protection companies
- It maintains a 135 percent net-retention rate. This means it retains its current customers and experiences new growth and opportunities with them.
Despite these accomplishments, every enterprise tends to have its own set of intangible requirements and hurdles that any provider must satisfy. Meeting them takes time, money, and resources.
$53 Million Investment Means HYCU Can Grow Faster
That’s what makes the latest $53M funding round into HYCU so significant. It further positions HYCU to address the specific requirements each individual enterprise has. Now if one wants HYCU to show it a better balance sheet, HYCU can check that box. If another one wants HYCU to hire more sales reps, bring on more partners, provide better technical support, or whatever, HYCU has funds to address those concerns.
Further, these additional funds came from noteworthy investors who recognize what HYCU offers. Acrew Capital, Atlassian Ventures, Bain Capital Ventures, and Cisco Investments all came to the table unsolicited. They saw the opportunity to invest in HYCU to accelerate HYCU’s ability to address specific enterprise concerns. Now HYCU has more money so it can acquire or build what they need or demand.
SaaS-based Backup: Coming Soon to Your Enterprise
Enterprises recognize their need to move forward with adopting a next-generation, multi-cloud SaaS-based backup offering. However, they cannot put their IT workloads and data at risk no matter how compelling the offering. They need assurance any SaaS-based backup offering they bring in keeps their workloads and data safe.
HYCU has already demonstrated its ability to perform technically and keep workloads and data safe. These additional funds will certainly help HYCU expand its technical capabilities.
However, HYCU can more importantly reach out and touch more enterprises to address and overcome their specific objections to adopting SaaS-based backup. As it does, it will help SaaS-based backup in general and HYCU specifically gain traction in the market.