Texas-based anti-ransomware startup Halcyon Tech, which has developed a capsule neural network-based ransomware detection system, has secured $100 million from a Series C round, bringing its valuation to $1 billion, reports SiliconAngle.
Such newly secured funds would be allocated toward strengthening its anti-ransomware technology and expanding its customer base, according to Halcyon. Halcyon has touted its system to facilitate improved identification of ransomware compromise with its use of CapsNet-based artificial intelligence models, which have been trained on a trove of ransomware-related data, including attack techniques and malicious files. Aside from tracking prevalent ransomware infection signs, Halcyon's technology also circumvents breach prevention app compromise and enables cryptographic key extraction that could accelerate the restoration of encrypted files. "One in every 10 organizations worldwide have been affected by ransomware and Halcyon's unique technology is proven to prevent ransom payments and data loss to criminals," said Enrique Salem of Bain Capital Ventures, which was among the investors in the latest funding round.
