Not even the holiday season can stop cyber fundraising it seems.
Anti-ransomware firm Halcyon became the latest cyber startup to raise big, locking up a $100 million Series C led by Evolution Equity Partners that values the company at $1 billion.
The round also saw participation from Bain Capital, SYN Ventures, Harmony Group, ServiceNow Ventures and others.
The Austin, Texas-based startup has developed a platform that uses artificial intelligence and machine learning trained on ransomware to reverse the effects of a ransomware attack — making sure businesses’ operations are never actually impacted by an attack.
While it is estimated companies were extorted for more than $1 billion in 2023 through ransomware, no Halcyon customers have paid a ransom demand, the company said.
“Ransomware is unique in cybercrime because of its tangible impact on everyday people,” said co-founder and CEO Jon Miller in a release. “Ransomware represents the most prescient cybersecurity threat to organizations large and small, and now the threat has expanded to include the extortion of individuals whose sensitive data has been compromised.”
Big rounds pour in
Halcyon’s big round is just the latest among cyber startups.
Just last week, data security startup Cyera closed a $300 million Series D led by Accel and Sapphire Ventures at a $3 billion valuation.
Late last month, Armis Security closed a $200 million Series D led by Alkeon Capital and General Catalyst that valued the company at $4.2 billion.
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