Halcyon Hits $1 Billion Valuation with $100M Series C Funding

Halcyon, a cybersecurity company dedicated to protecting businesses from ransomware attacks, has successfully raised $100 million in a Series C funding round, bringing its total funding to $190 million. The round was led by Evolution Equity Partners, with participation from several notable investors, including Bain Capital Ventures (BCV), SYN Ventures, Harmony Group, Corner Capital Management, Dropbox Ventures, and ServiceNow Ventures, as well as existing backers. This new round of funding values Halcyon at $1 billion and underscores its significant growth and potential within the cybersecurity space. As part of this investment, Richard Seewald, the Managing Partner of Evolution Equity Partners, will join Halcyon’s Board of Directors. The funds will be used to accelerate the company’s growth and expand its market leadership in ransomware prevention and recovery.

Halcyon is distinct from many other cybersecurity firms in that it focuses solely on the problem of ransomware. The company has developed a unique technology that not only prevents ransomware attacks but also ensures rapid recovery in the event of an attack. By capturing encryption keys, Halcyon allows organizations to recover from ransomware attacks in minutes, avoiding the need to pay a ransom. This approach has made Halcyon a key player in the fight against ransomware, which has become one of the most damaging and profitable forms of cybercrime.

Ransomware attacks have seen explosive growth in recent years, with operators raking in over $1 billion in ransom payments in 2023 alone. The cost of recovering from a ransomware attack has also surged, with the average cost of recovery now reaching $4.45 million. These attacks not only cause financial losses but also disrupt business operations, steal sensitive data, and damage a company’s reputation. Furthermore, ransomware attacks have a far-reaching impact on individuals, as personal data can be stolen, critical services disrupted, and lives put at risk. Halcyon’s technology aims to prevent these outcomes by providing businesses with the tools needed to protect themselves from ransomware attacks and recover quickly when incidents occur.

Jon Miller, CEO and Co-Founder of Halcyon, stressed the unique and tangible impact ransomware has on individuals. He explained, “Ransomware is unique in cybercrime because of its tangible impact on everyday people. When patients can’t get healthcare, workers can’t do their jobs, and the most vulnerable among us are directly extorted because their most personal information was exfiltrated in a ransomware attack, we are talking about attacks that are unlike any we have seen before.” Miller’s statement highlights the widespread consequences of ransomware attacks, which can disrupt both business and personal lives in profound ways, underscoring the importance of effective prevention and recovery solutions.

Halcyon’s platform uses artificial intelligence (AI) and machine learning (ML) models specifically trained to identify and defend against ransomware threats. This cutting-edge technology offers unmatched protection against ransomware, enabling businesses to safeguard their operations from cybercriminals. One of Halcyon’s standout features is its Key Capture capability, which ensures that impacted devices remain online and operational during an attack, preventing system downtime and minimizing disruptions to business activities. In addition to ransomware prevention, Halcyon provides Data Exfiltration Protection (DXP), which blocks ransomware from stealing sensitive data and provides early detection of any infiltration attempts. This feature helps organizations maintain control over their data and provides crucial early warnings if an attack is in progress.

The importance of Halcyon’s technology is further emphasized by Enrique Salem, partner at Bain Capital Ventures, who stated, “Ransomware victims paid over $1 billion in 2023 just to regain access to their own data and assets. One in every ten organizations worldwide has been affected by ransomware, and Halcyon’s unique technology is proven to prevent ransom payments and data loss to criminals, small business closures, and downtime in our most important industries like healthcare and energy.” Salem’s statement highlights the widespread impact of ransomware attacks and the critical need for effective solutions to prevent such incidents.

Halcyon’s platform has been proven to be highly effective, with the company reporting that no Halcyon customers have experienced significant operational disruptions, had sensitive data exfiltrated, or been forced to restore systems from backups following an attack. The company’s customers have also avoided paying ransom demands, and no claims have been made against the Halcyon Ransomware Warranty. This impressive track record reinforces Halcyon’s position as a leader in the cybersecurity space, offering a solution that effectively protects businesses and individuals from the growing threat of ransomware.

As ransomware continues to be a significant threat to businesses and individuals around the world, Halcyon’s technology offers a promising solution that not only prevents attacks but also provides a fast and reliable recovery option for organizations. With the new funding, Halcyon is poised to continue its growth and expand its impact, helping more businesses safeguard their operations and protect their sensitive data from ransomware threats.