Halcyon claims to be the only anti-ransomware platform in the market designed specifically to thwart attacks and lessen their impact on businesses. Credit: metamorworks/Shutterstock.

Halcyon, a US-based cybersecurity startup, has raised $40m in a Series B funding round to protect businesses from ransomware attacks. 

Bain Capital Ventures (BCV) led the round, which takes the total funding raised in 2023 to $90m.

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The investment will be used for the expansion of Halcyon’s engineering, research and development, and sales teams. 

Halcyon said it is strategically focusing on enterprise clients, particularly within the education, financial services, and healthcare sectors.

The funding comes as ransomware attackers are predicted to have their second most profitable year in 2023, according to the Department of Homeland Security’s Homeland Threat Assessment report for 2024.

Halcyon claims to be the only anti-ransomware platform in the market designed specifically to thwart attacks and lessen their impact on businesses. 

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The platform is said to offer multi-layered prevention and ensures endpoint resilience through its automated encryption key material capture and autonomous decryption capabilities. 

Halcyon also announced that BCV Partner, Jeff Williams, has been appointed as chief revenue officer, and Enrique Salem, former CEO of Symantec, will join the company’s board of directors.

Halcyon CEO and co-founder Jon Miller said: “Too many organisations are simply adapting their endpoint products and applying them to the ransomware fight. This lack of purpose-built tooling is enabling ransomware’s unimpeded growth. 

“This investment validates the impact Halcyon has had in combating ransomware and is proof-positive that ransomware is top-of-mind to leadership across industries today.”

Salem added: “Halcyon is taking a revolutionary approach to stopping ransomware, not only delivering a robust prevention layer but giving organisations what they truly need – cyber resilience. The team has deep expertise and experience, and I look forward to joining them as they work to change the impact of ransomware, and ultimately, defeat it.”

In April 2023, Halcyon raised $50m in Series A funding round led by SYN Ventures, with participation from Dell Technologies Capital, Corner Capital, and other investors.