Back in April, Austin- and San Diego-based cybersecurity startup Halcyon announced it had raised a $50 million series A funding round led by SYN Ventures, with additional investment from Dell Technologies Capital and Corner Ventures.
On Dec. 19, it was back with another term sheet. This one is a $40 million series B round led by San Francisco-based Bain Capital Ventures. The startup, founded in 2021, has now raised $90 million, and it's planning on putting the cash to use to expand its engineering, R&D and sales teams.
The funding is further validation of the startup's approach to cybersecurity. Halcyon has developed an anti-ransomware platform that helps prevent incoming attacks and reduces the potential impact on businesses, which sometimes have their data held ransom until they make a big payout. It does this with autonomous decryption methods, among other features.
“Too many organizations are simply adapting their endpoint products and applying them to the ransomware fight," Halcyon co-founder and CEO Jon Miller stated. "This lack of purpose-built tooling is enabling ransomware’s unimpeded growth."
As part of the new funding round, BCV partner and former Symantec CEO, Enrique Salem, will join the company's board. Meanwhile, BCV partner Jeff Williams will become chief revenue officer.
Halcyon's fundraise is yet another win for cybersecurity startups in Austin. Already this year, cybersecurity has proven to be a favorite among venture capital firms.
For example, SpyCloud Inc., an Austin cybersecurity startup, raised a $110 million round in August led by California-based Riverwood Capital. It also landed a Blazer award in Inno's Fire Awards this year.
Meanwhile, HiddenLayer, an Austin-based security provider for artificial intelligence models and assets, raised a $50 million series A round co-led by M12, which is Microsoft's venture fund, and Moore Strategic Ventures. It was also a Fire Award winner.
