Halcyon, a leading platform specifically engineered to defeat ransomware, has announced the closure of a $100 million Series C funding round, led by Evolution Equity Partners with significant backing from Bain Capital Ventures (BCV), SYN Ventures, Harmony Group, Corner Capital Management, Dropbox Ventures, ServiceNow Ventures, and existing investors. This latest round of funding raises Halcyon’s total capital to $190 million and values the company at $1 billion. Evolution Managing Partner Richard Seewald will also join the Halcyon Board of Directors, adding his expertise to the platform’s ongoing mission. The new capital will accelerate Halcyon’s growth, bolstering its position as the market’s premier anti-ransomware solution.
“Ransomware victims paid over $1 billion in 2023 just to regain access to their own data and assets,” stated Richard Seewald. “Ransomware’s impact on individuals and organizations is devastating, leading to financial losses, reputational damage, and compromising access to critical data. Halcyon stands alone in its focus and innovative approach to combating ransomware. We are thrilled to support a dynamic team with a unique and differentiated platform in one of the largest spend categories in cybersecurity today.”
Ransomware incidents are on the rise, with victims worldwide paying over $1 billion in 2023, while the average cost to recover from an attack escalated to $4.45 million. The ransomware economy’s surge has transformed it into a formidable force, affecting not only corporations but also everyday individuals. Organizations face operational shutdowns, revenue loss, data breaches, and extortion schemes, while their customers face loss of sensitive information and denial of critical services—sometimes putting lives at risk. Amid this growing crisis, Halcyon emerges as the only platform solely dedicated to overcoming ransomware threats through a combination of advanced prevention and resilience, leveraging proprietary technology that captures encryption keys, allowing businesses to recover within minutes, without ever having to pay a ransom.
Jon Miller, CEO and Co-Founder of Halcyon, highlighted the human toll that ransomware exacts: “Ransomware is unlike other forms of cybercrime because of its direct, tangible impact on people’s lives. Patients unable to access healthcare, workers unable to perform their jobs, and the extortion of individuals whose personal data has been compromised—these are attacks that go far beyond the digital sphere, threatening real-world well-being. Halcyon is uniquely equipped to combat these threats, offering a solution that not only prevents and recovers from ransomware attacks but also protects companies and individuals from extortion schemes targeting their most sensitive data.”
Halcyon is the world’s first anti-ransomware platform that harnesses the power of AI and machine learning models trained specifically on ransomware behavior to provide unmatched protective efficacy. Its distinctive Key Capture feature ensures that even compromised devices remain operational, preventing disruptive shutdowns that would otherwise impair business continuity. Additionally, Halcyon’s Data Exfiltration Prevention (DXP) technology gives organizations an early alert against potential attacks, ensuring data remains secure and providing unparalleled control over infiltrations.
Enrique Salem, partner at Bain Capital Ventures, added: “One in every ten organizations worldwide has been hit by ransomware, with victims collectively paying over a billion dollars to regain access to their data. Halcyon’s innovative technology prevents ransom payments, mitigates data loss, and ensures continuity in sectors critical to our daily lives, such as healthcare and energy. Halcyon is setting a new standard in how we defend against these pervasive threats.”
Remarkably, Halcyon has maintained an undefeated track record: to date, none of its customers have suffered operational disruptions, sensitive data exfiltration, or required system restorations from backups. None have paid a ransom, nor have they needed to activate the Halcyon Ransomware Warranty—a testament to the platform’s resilience and its commitment to staying one step ahead of cybercriminals. With this Series C funding, Halcyon is well-positioned to further fortify its cutting-edge solutions and continue leading the fight against ransomware.