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2023 prove to be a challenging twelvemonth on the ransomware front after a abbreviated lull in 2022.Accordingto data from cryptocurrency tracing firm Chainalysis , victims had paid ransomware groups well over $ 400 million combined as of July 2023 . Statista , meanwhile , reportsthat a whopping 72 % of businesses have been impact by ransomware attacks as of 2023 .
So it does n’t exactly do as a surprisal that , despite thebroader dipin VC cybersecurity investments , anti - ransomware program are still perceived as a heady investment . PerMordor Intelligence , the market for ransomware protective cover software could grow 15 % over the next five years .
Certainly , one vendor , Halcyon , is experiencing a boon , get raised$44 million in a Series A round last April . The startup ’s now closed a small Series B tranche — $ 40 million — that impart its total raise to $ 84 million .
Co - founder and CEO Jon Miller said that Halcyon did n’t need to elevate again so soon but saw the value in entering into a relationship with new VCs , particularly Bain Capital Ventures ( which lead the Series B ) .
“ This latest round will aid acquire and retain all important engineering talent to inflate our production lines , raise and build out our services offerings and pad our sale and merchandising efforts to help make adhesive friction in a crowded diligence , ” Miller told TechCrunch in an email interview . “ In little , the funds will be used to accelerate increase in all facet . ”
Miller and Ryan Smith co - set in motion Halcyon several old age ago after stints at firm later on acquire by Blackberry ( Cylance ) and Optiv ( Accuvant ) . Today , Halcyon pop the question a range of tool designed to battle ransomware attacks , including anti - tamper protections , anti - data exfiltration software and what Miller calls “ key cloth capture . ”
Miller claims that , in part by tapping prepare AI models , Halcyon can disrupt ransomware attack and in some character even decrypt devices impacted by attack .
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“ The Halcyon political platform is construct to keep line of work in operation even in the result of a widespread ransomware incident , ” Miller said . “ Typically , catching and prevention logic update are manual and performed monthly — or even quarterly . This is too inept and infrequent of a process to keep pace with attackers in a dynamic and ever - evolving terror landscape painting . Halcyon delivers an autonomous result that incessantly corrects itself against a false negatively charged answer in a issue of moment . ”
Miller certainly talks a big game . But Halcyon has customers to show for it , to be fair . The inauguration now counts over 100 “ go-ahead - level ” make as clients in addition to “ land - level ” shoal districts , Miller enjoin .
But what about the competition ? After all , plenty of seller — from startups to officeholder — trade anti - ransomware answer . Miller ’s reply ? Not really — chiefly because he believe that Halcyon ’s singular focus on prevention and remediation sets it apart from the crew .
“ Halcyon is the only company solely pore on battling ransomware with layer for both bar and resilience , ” Miller say . “ Unlike most manufacture incumbent that are simply repurposing anti - malware solution , Halcyon was design from day - one to defeat ransomware and the companionship ’s singular focus on this job work them importantly more effective at combating it . ”
Should Halcyon ’s good fortune keep , the caller plan to duplicate its 75 - person workforce by the closing of 2024 .
