November 25, 2024 at 10:03AM
Cybersecurity firm Halcyon has secured $100 million in Series C funding, totaling $190 million raised. The funds will enhance its AI-driven platform aimed at combating ransomware. Key features include multi-layered prevention and a “Key Capture” function to maintain business operations. The round was led by Evolution Equity Partners.
### Meeting Takeaways:
1. **Funding Announcement**:
– Halcyon has successfully closed a $100 million Series C funding round, aimed at supporting growth and combating ransomware.
– Total funding raised by Halcyon now amounts to $190 million, which includes:
– $50 million from Series A (April 2023)
– $40 million from Series B (December 2023)
2. **Product Overview**:
– The company utilizes a lightweight agent that integrates prevention engines with AI models specifically designed for ransomware combat.
– Halcyon’s platform offers a multi-tiered approach to ransomware defense, featuring:
– Pre-execution ransomware prevention using AI/ML to detect/block known threats.
– Further analysis of suspicious executables through additional protection layers.
– Features designed to trick ransomware into aborting or revealing its attack strategies.
3. **Key Feature**:
– The “Key Capture” feature is emphasized as a method to minimize business disruption by reducing the likelihood of affected devices being taken offline.
4. **Investment Partners**:
– The Series C funding was led by Evolution Equity Partners, with additional investments from:
– Bain Capital Ventures (BCV)
– SYN Ventures
– Harmony Group
– Corner Capital Management
– Dropbox Ventures
– ServiceNow Ventures
– Existing investors
5. **Board Appointment**:
– Richard Seewald, Managing Partner at Evolution Equity Partners, will join Halcyon’s Board of Directors as part of the funding agreement.