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Halcyon Raises $40 Million for Anti-Ransomware Platform

Halcyon has raised $40 million in an oversubscribed Series B funding round for its anti-ransomware and cyber resilience platform.

Austin, Texas-based anti-ransomware company Halcyon on Tuesday announced raising $40 million in an oversubscribed Series B funding round led by Bain Capital Ventures.

Halcyon said the new investment, which brings the total raised by the company this year to $90 million, will enable it to expand its engineering, R&D, and sales functions. 

The startup says it’s aggressively marketing its anti-ransomware and cyber resilience platform to enterprises across all verticals, with a focus on the education, healthcare, and financial services sectors. 

Halcyon has created a platform that provides multiple layers of security against ransomware attacks. It leverages a lightweight agent that combines multiple proprietary prevention engines along with AI models trained specifically on ransomware attacks.

The product is designed to block ransomware from executing and prevent it from disabling or bypassing endpoint security tools. It also has automated encryption key capture and autonomous decryption capabilities that can help organizations quickly restore any infected device. 

Halcyon said it leverages the capsule neural network (CapsNet) machine learning system to quickly train, test and deploy protection mechanisms aimed at new techniques leveraged in ransomware attacks. 

“Too many organizations are simply adapting their endpoint products and applying them to the ransomware fight. This lack of purpose-built tooling is enabling ransomware’s unimpeded growth,” said Jon Miller, CEO and co-founder of Halcyon. “This investment validates the impact Halcyon has had in combating ransomware and is proof-positive that ransomware is top-of-mind to leadership across industries today.”

Related: Halcyon Secures $50M Funding for Anti-Ransomware Protection Platform

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Related: Ransomware Recovery Startup Calamu Banks $16.5M Investment

Related: US, South Korea: Ransomware Attacks Fund North Korea’s Cyber Operations

Related: Lumu Raises $30 Million for Threat Detection and Response Platform

Written By

Eduard Kovacs (@EduardKovacs) is a managing editor at SecurityWeek. He worked as a high school IT teacher for two years before starting a career in journalism as Softpedia’s security news reporter. Eduard holds a bachelor’s degree in industrial informatics and a master’s degree in computer techniques applied in electrical engineering.

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