Cybersecurity firm Halcyon has closed a $100 million Series C funding round to fuel growth and support its mission to combat ransomware.
This latest funding round brings the total amount raised by the Austin, Texas-based company to $190 million, including a $50 million Series A in April 2023 and a $40 million Series B in December 2023.
Using a lightweight agent that combines prevention engines with AI models trained solely on ransomware, Halcyon is marketing a platform promising a multi-tiered approach to defeat ransomware.
The layered components include pre-execution ransomware prevention, a feature that uses AI/ML engines to detect and block any known bad executables like off-the-shelf commodity ransomware and passes unknown but suspicious executables to the additional protection layers for further analysis.
Halcyon has also fitted features to trick ransomware into aborting or revealing the attack by exploiting features hardcoded in the ransomware itself.
The company explains that its “Key Capture” feature reduces the chances of impacted devices being taken offline, disrupting their business operations and costing them revenue.
The Series C funding was 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.
As part of the transaction, Evolution Managing Partner Richard Seewald will join the Halcyon Board of Directors.