Halcyon\u2019s platform taps AI to attempt to detect and block ransomware. Image Credits:<\/strong> Halcyon<\/p>\n<\/div>\n

In any case, Halcyon has attracted considerable interest from investors, having raised a total of $50 million since 2020 inclusive of the Series A. Miller says that business was briefly impacted by the Silicon Valley Bank collapse \u2014 Halcyon was a corporate credit card and loan customer with the bank \u2014 but that Halcyon has since \u201cdiversified its banking relationships\u201d to better manage risk.<\/p>\n

With a customer base of around 51 companies, Halcyon plans to grow the size of its workforce from 75 people to around 100 by the end of the year. In terms of product, Miller says that Halcyon will launch a data exfiltration tool to stop the \u201cdouble extortion\u201d techniques commonly used by ransomware groups today as well as support for additional operating systems including Linux and Mac.<\/p>\n

Double extortion attacks usually involve hackers that threaten to encrypt sensitive data and publish it on the dark web or sell it to the highest bidder.<\/p>\n

\u201cWith the growth of ransomware operations and the economy that supports them, gaining access to credentials and systems is easier and cheaper than ever before,\u201d Miller said. <\/span>\u201cProducts that do not start with an approach that prioritizes resilience will generate more risks to the business and higher cyber insurance premiums which have an impact across all aspects of the organization.\u201d<\/span><\/p>\n

Miller wouldn\u2019t reveal Halcyon\u2019s revenue when asked, and, when pressed on why the company raised debt, said only that it was for \u201cflexibility\u201d in the near term. But if surveys are anything to go by, demand for Halcyon\u2019s product won\u2019t wane anytime soon \u2014 which could be good news for the bottom line.<\/p>\n