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.”
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