Halcyon Raises $100M in Series C Funding to Revolutionize Ransomware Defense and Resilience

Halcyon, a cybersecurity company focused on eliminating the threat of ransomware, announced that it successfully closed its Series C funding, raising $100 million to date in its total funding, which stands at $190 million. Evolution Equity Partners led the round, which also included Bain Capital Ventures (BCV), SYN Ventures, Harmony Group, Corner Capital Management, Dropbox Ventures, ServiceNow Ventures, and others. This investment values the company at $1 billion, which will establish it as the chief provider of anti-ransomware technology. As part of the deal, Richard Seewald, Managing Partner at Evolution Equity Partners, will join Halcyon’s Board of Directors.

Seewald expressed his confidence in Halcyon’s unique approach, saying, “Ransomware is a devastating global threat, with far-reaching consequences for both businesses and individuals. Halcyon is one of the few companies solely dedicated to defeating ransomware, combining prevention with resilience through groundbreaking technology. We are excited to support their efforts in addressing one of the most pressing challenges in cybersecurity today.”

Ransomware is proving to be among the most dramatic financial and operational consequences for business on the planet. Already in 2023, ransomware operators collected more than $1 billion in payments and the average cost of recovery exceeded $4.45 million per incident. These attacks now affect companies as well as individuals with significant disruptions in day-to-day operations, the loss of critical data, and even threats to personal safety. Halcyon differs because it offers a dual approach—prevention and recovery. Since encryption keys are captured during attacks, companies have a chance to recover their systems in minutes, without any ransom payments.

Jon Miller, CEO and Co-Founder of Halcyon, added: “Ransomware attacks go far beyond financial losses for businesses; it comes directly to people, affecting healthcare workers in their ability to provide services, critical information not being available, personal data stolen and being used for extortion. The old traditional approach to cybersecurity just won’t do anymore; something had to be done to prevent those attacks from occurring and get communities back to normal as soon as possible; Halcyon answers that calling today.

Halcyon’s platform is at the forefront of ransomware prevention and recovery. The firm leverages very advanced AI/ML models tailored to learn from ransomware samples to bring unbeaten protection efficacy. Furthermore, Halcyon has an exclusive Key Capture feature such that if an attack does happen, devices will be powered on so that they do not go down, thus stopping the kind of downtime that can badly damage a company’s bottom line. Halcyon’s Data eXfiltration Protection (DXP) feature further strengthens its platform by stopping ransomware from exfiltrating data, alerting organizations about potential infiltrations and ongoing attacks.

Enrique Salem of Bain Capital Ventures spoke to the critical role Halcyon plays in the mitigation of ransomware risks: “The scale of the ransomware crisis is staggering, with businesses worldwide suffering major disruptions and paying large sums to regain access to their data. Halcyon’s technology is proven to prevent ransomware attacks, reduce downtime, and protect against data loss, all while safeguarding crucial industries like healthcare and energy from crippling attacks.

Halcyon’s success is supported by its history—the company never had a customer whose operations were severely knocked out, sensitive data was lost, or resort to backups had to be made after an attack. To be specific, it is zero Halcyon clients that paid ransom demands or filed claims against Halcyon’s Ransomware Warranty. It has remained undefeated in its battle against ransomware through its commitment to effective protection.

As ransomware continues to evolve and the associated risks grow, Halcyon is well-positioned to remain at the forefront of the fight. The Series C funding will give the company the ability to further develop its capabilities, enhance its platform, and further its mission of eradicating the impact of ransomware on businesses and individuals.

About Halcyon

Halcyon is the only cybersecurity company exclusively focused on preventing ransomware attacks and minimizing their impact on businesses. With its pioneering Anti-Ransomware Platform, Halcyon lets organisations recover from attacks without giving in to ransom demands or relying on backups. Assured by an industry-leading warranty, the protection against cyber aggressors by Halcyon is so robust that it reduces downtime, protects sensitive data, and ensures business continuity. With its proven success story, Halcyon is changing the way organizations defend against and recover from ransomware threats.