December 19, 2023 at 09:39AM
Halcyon, an Austin, Texas-based anti-ransomware company, has raised $40 million in a Series B funding led by Bain Capital Ventures. This brings their total investment this year to $90 million, facilitating an expansion of their engineering, R&D, and sales functions. The company is aggressively marketing its platform to enterprises, focusing on education, healthcare, and financial services sectors.
Takeaways from the meeting notes:
1. Austin, Texas-based anti-ransomware company, Halcyon, raised $40 million in a Series B funding round led by Bain Capital Ventures.
2. The total raised by the company this year now stands at $90 million, enabling it to expand its engineering, R&D, and sales functions.
3. Halcyon is aggressively marketing its anti-ransomware and cyber resilience platform to enterprises, with a focus on the education, healthcare, and financial services sectors.
4. The company has developed a platform that provides multiple layers of security against ransomware attacks, leveraging a lightweight agent and AI models trained specifically on ransomware attacks.
5. The product is designed to block ransomware from executing, prevent it from disabling or bypassing endpoint security tools, and has automated encryption key capture and autonomous decryption capabilities.
6. Halcyon utilizes the capsule neural network (CapsNet) machine learning system to quickly train, test, and deploy protection mechanisms aimed at new techniques leveraged in ransomware attacks.
7. Jon Miller, CEO and co-founder of Halcyon, stressed the need for purpose-built tooling to combat ransomware, highlighting the investment as validation of the company’s impact in the fight against ransomware.
Related articles:
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– US, South Korea: Ransomware Attacks Fund North Korea’s Cyber Operations
– Lumu Raises $30 Million for Threat Detection and Response Platform