May 3, 2024 at 08:25AM
Mimic, a new ransomware defense company, aims to detect, deflect, and recover from ransomware attacks. The software-as-a-service platform can restore an organization’s data within 24 hours without paying a ransom. Backed by industry experts and having secured $27 million in funding, Mimic’s platform works in tandem with existing security controls.
Key takeaways from the meeting notes:
1. Ransomware and extortion attacks are on the rise, causing significant disruption and damage to various sectors, including educational institutions, retail, healthcare, and critical infrastructure organizations.
2. Mimic, a ransomware defense company, emerged from stealth on May 2, presenting a software-as-a-service platform designed to detect, deflect, and recover from ransomware attacks. The platform claims to restore the organization’s environment and data within 24 hours without the need to pay a ransom.
3. The company has garnered support from notable figures, including Ted Schlein, general partner at Ballistic Ventures, who joined the Board of Directors, and Marie Mouchet, former CIO of Colonial Pipeline, who joined the Advisory Board.
4. Mimic’s CEO, Derek Smith, emphasized that their platform works in conjunction with the customer’s existing security controls, and he has a background as the former CEO of Shape Security, which was acquired by F5 in 2019 for $1 billion.
5. In conjunction with its launch, Mimic secured $27 million in seed funding from Ballistic Ventures, Menlo Ventures, Team8, Wing Venture Capital, and Shield Capital. The company also disclosed that Apex Group, a financial services provider, is already utilizing the platform.