Cyber Security Halcyon Receives $40 Million Investment

Cybersecurity startup Halcyon Tech Inc. announced that it has raised $40 million in new funding to expand the company's engineering, research, development and sales functions. Founded in 2020, Halcyon offers multi-layered prevention and endpoint resilience with automated encryption key material capture and autonomous decryption capabilities. The platform is designed to give organisations peace of mind knowing that their valuable data and systems are protected.

Bain Capital Ventures LLC led the Series B round. BCV Partner and former Symantec Chief Executive Officer Enrique Salem will join the board. BCV Partner Jeff Williams will join Halcyon as chief revenue officer. Halcyon raised $90 million in 2023 with the new fund. This includes $ 50 million in April.

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Halcyon Platform

It's worth noting that the company has a mission to defeat ransomware. It argues that modern defence cyber solutions have failed in the face of cheap and easy-to-create ransomware. So what is Halcyon's solution? It is designed to defeat ransomware with tools that prevent first response, block ongoing attacks and, in the event of a successful attack, instantly reverse the effects of ransomware.

It takes a multi-layered approach to defeating ransomware, including pre-execution ransomware prevention that leverages artificial intelligence and machine learning engines to detect and block known bad executables such as commercial off-the-shelf ransomware. The platform passes unknown but suspicious executables to additional layers of protection for further analysis.

If the ransomware manages to penetrate the defences, the Halcyon platform leverages hard-coded features in the ransomware to trick the ransomware into stopping or revealing the attack. It also triggers rule sets through deception techniques to prevent the payload from exploding.

It also offers endpoint and network resilience with automatic host isolation capabilities that prevent ransomware from spreading to other endpoints. Automatic encryption key capture and decryption of affected assets is said to eliminate the need to pay ransom and reduce recovery time from days to minutes.