Halcyon, an Austin-based anti-ransomware company, has successfully raised $40 million in a Series B funding round, led by Bain Capital Ventures. The oversubscribed funding round brings the total amount raised by Halcyon this year to $90 million, providing the company with the resources to expand its engineering, research and development (R&D), and sales functions. The firm is actively promoting its anti-ransomware and cyber resilience platform to enterprises across various sectors, with a particular focus on education, healthcare, and financial services.
Halcyon’s platform offers a comprehensive defense against ransomware attacks, utilizing a lightweight agent that combines multiple proprietary prevention engines and AI models specifically trained for ransomware threats. The product aims to prevent the execution of ransomware and thwart attempts to disable or bypass endpoint security tools. Additionally, it features automated encryption key capture and autonomous decryption capabilities to facilitate rapid restoration of infected devices. Halcyon leverages the Capsule Neural Network (CapsNet) machine learning system to swiftly train, test, and deploy protection mechanisms against evolving ransomware techniques.
The company’s CEO and co-founder, Jon Miller, emphasized the need for purpose-built tools in the fight against ransomware, noting that many organizations adapt existing endpoint products, allowing ransomware to grow unchecked. The successful funding round reflects the impact Halcyon has had in combating ransomware and underscores the urgency of addressing ransomware threats across various industries. The company’s platform provides a robust defense strategy and a rapid recovery mechanism, highlighting the growing significance of specialized solutions in the face of evolving cybersecurity challenges.