Halcyon has closed $100M in Series C funding led by Evolution Equity Partners with participation from Bain Capital Ventures (BCV), SYN Ventures, Harmony Group, Corner Capital Management, Dropbox Ventures, ServiceNow Ventures and existing investors.
Halcyon is the only organization devoted specifically to defeating ransomware through a unique combination of prevention and resilience by way of a proprietary technology that captures encryption keys and enables organizations to recover from attacks in minutes without ever paying ransoms.
The round brings the total amount raised to $190M and values the company at $1B. Evolution Managing Partner Richard Seewald is joining the Halcyon Board of Directors. The funding will be used to accelerate the company’s growth and strengthen its position as the leading anti-ransomware platform provider.
“Halcyon is a consequential cybersecurity company and a market leader in its space. Ransomware has a devastating impact on individuals and organizations, causing financial losses, reputational damage, and loss of critical data,” said Seewald.
“Halcyon stands alone in both its focus on and its approach to defeating ransomware. We are proud to be backing a tremendous team with a differentiated platform in one of the largest spend categories in cybersecurity today.”
Ransomware operators raked in more than $1B in payments in 2023 and the average cost of recovering from a ransomware event rose to $4.45M. The explosive growth of the ransomware economy represents a breakthrough phenomenon that impacts not only companies but people as they go about their daily lives.
Businesses risk having their systems taken down and services disrupted, cratering revenue forecasts, as well as having their data stolen leading to extortion and damage to brand reputation. And it is not only businesses who pay the price – customers lose sensitive data, can’t access critical services, and even have their lives put at risk.
“Ransomware is unique in cybercrime because of its tangible impact on everyday people. When patients can’t get healthcare, workers can’t do their jobs, and the most vulnerable among us are directly extorted because their most personal information was exfiltrated in a ransomware attack, we are talking about attacks that are unlike any we have seen before,” said Jon Miller, CEO and Co-Founder, Halcyon.
“Ransomware represents the most prescient cybersecurity threat to organizations large and small, and now the threat has expanded to include the extortion of individuals whose sensitive data has been compromised. Halcyon is the only security provider that can effectively prevent and recover from ransomware attacks as well as protect companies and individuals from data extortion schemes.”
Halcyon developed the first Anti-Ransomware Platform that leverages AI/ML Models specifically trained on ransomware to provide Halcyon’s customers with unmatched protection efficacy. Complementing that efficacy, Halcyon’s unique Key Capture feature gives organizations peace of mind that impacted devices will not be taken offline, disrupting their business operations and costing them revenue.
Additionally, Halcyon DXP (Data Exfiltration Protection) stops ransomware data exfiltration giving organizations greater control over their data and providing an early warning that their network has been infiltrated and/or an attack is in progress.
“Ransomware victims paid over $1 billion in 2023 just to regain access to their own data and assets,” added Enrique Salem, partner at Bain Capital Ventures (BCV). “One in every ten organizations worldwide have been affected by ransomware and Halcyon’s unique technology is proven to prevent ransom payments and data loss to criminals, small business closures, and downtime in our most important industries like healthcare and energy.”
To date, zero Halcyon customers have experienced significant disruptions to their operations, zero have had sensitive data exfiltrated, zero have had to restore systems from backups, zero have paid ransom demands, and zero have had to make a claim against the Halcyon Ransomware Warranty. Halcyon remains undefeated by ransomware.
