Halcyon, a prominent cybersecurity firm, recently announced the closure of its $100m Series C funding round.
The funding round was led by Evolution Equity Partners and saw contributions from Bain Capital Ventures, SYN Ventures, Harmony Group, Corner Capital Management, Dropbox Ventures, ServiceNow Ventures, and existing investors. This significant financial injection raises Halcyon’s total funding to $190m and boosts its valuation to $1bn.
The company is dedicated to providing cutting-edge solutions to defend against ransomware attacks, a growing threat that cost victims over $1bn in payments in 2023. Halcyon’s approach combines prevention with resilience, employing a proprietary technology that captures encryption keys, enabling quick recovery from attacks without the need to pay ransoms.
With the new funds, Halcyon plans to accelerate its growth and strengthen its position as the leading provider of anti-ransomware solutions. The company aims to expand its reach and enhance its technology to meet the increasing demand for effective cybersecurity measures.
In the wider context of cybercrime, ransomware has had a particularly devastating impact, affecting not only businesses but also individuals. Halcyon’s unique technology has proven effective in preventing ransom payments and data loss, which can lead to business closures and significant downtime, especially in critical sectors like healthcare and energy.
Richard Seewald of Evolution Equity Partners, who is joining Halcyon’s Board of Directors, praised the company’s focused strategy and innovative platform. “Halcyon is a consequential cybersecurity company and a market leader in its space,” Seewald commented. “Ransomware has a devastating impact on individuals and organizations, causing financial losses, reputational damage, and loss of critical data. Halcyon stands alone in both its focus on and its approach to defeating ransomware.”
Previously, Halcyon has also demonstrated its robustness, with none of its customers experiencing significant disruptions or data losses, a testament to the effectiveness of its solutions. This track record highlights not only Halcyon’s technological prowess but also its critical role in cybersecurity today.
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