Halcyon, a US-based cybersecurity startup, has raised $50m in its Series A funding round led by SYN Ventures.
Dell Technologies Capital, Corner Capital, and other strategic investors also participated in the round.
Halcyon claims that it is the first platform built particularly to combat ransomware attacks.
The platform is said to be capable of preventing initial incursion, stopping attacks in the middle of them, and rapidly undoing the damage caused in an event of a successful attack.
The startup plans to use the funding to speed up the development and adoption of its platform.
Halcyon CEO and co-founder Jon Miller said: “Stopping ransomware requires multiple prevention and detection techniques, all trained extensively on years of actual ransomware attacks. This funding positions us to rapidly scale our mission of making ransomware unprofitable and enable resilient enterprises around the world.”
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The company says it uses a multi-layered approach powered by artificial intelligence and machine learning to deal with ransomware incidents.
Specifically, these include pre-execution ransomware prevention, ransomware features’ exploitation, advanced detection of ransomware behaviour and endpoint and network resiliency.
SYN Ventures managing partner and co-founder Jay Leek said: “Ransomware-as-a-Service operators have caused billions in damages over the last several years by skirting existing endpoint protections and causing headaches for IT and security departments worldwide.
“The world-class Halcyon team uniquely understands that building resilient endpoints and drastically lowering the risks posed by ransomware attacks requires a platform that bridges the gaps in each of these technologies.”