DEVOPSdigest

HYCU announced 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.”

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 ..."

The recent Series B brings $140M in venture funding to HYCU in just over one year.