Anti-Ransomware Startup Halcyon Valued at $1 Billion in Funding Round

(Bloomberg) -- Cybersecurity startup Halcyon Tech Inc. is the industry’s latest unicorn, reaching $1 billion valuation in a deal to raise $100 million as it aims to combat the rise of ransomware attacks.

The financing for the Austin-based company was led by Evolution Equity Partners, with participation from Bain Capital Ventures, ServiceNow Ventures and others. Halcyon has raised $190 million to date.

Co-founder and Chief Executive Officer Jon Miller said ransomware is increasing “at a rate we’ve never seen before,” citing threats from Russia, China, Iran and North Korea. He added that beyond foreign adversaries, there are also well-financed local threats that have stayed under the radar of criminal prosecutors.

Miller said Halcyon’s technology helps get ransomware situations resolved more quickly, ideally “in minutes instead of days and weeks.” The company eventually plans an initial public offering, but it’s at least a few years away, he said.

Richard Seewald, an Evolution founder and managing partner, is joining the board of Halcyon as part of the financing. Seewald said that he invested in part because ransomware is a problem growing at an “eye-popping” rate. Seewald called Halcyon “best-of-breed technology,” with “a sizeable market to address.”