Mimic, the enterprise ransomware defense company, announced that it has secured Series A funding of $50 million led by GV (Google Ventures) and Menlo Ventures, with participation from existing investors Ballistic Ventures, Team8, Wing Ventures, and Shield Capital.
“The speed of ransomware attacks—often within 90 seconds—leave security teams with no time to respond. Mimic’s SaaS platform detects ransomware in fractions of a second, stopping them before damage is done,” says Derek Smith, Mimic’s CEO. “Ransomware-based cyber extortion increasingly impacts every facet of our society, and it’s our goal to protect against it.”
Karim Faris, General Partner at GV (Google Ventures), emphasized Mimic’s unique approach: “Mimic’s ability to detect and deflect ransomware so much faster than traditional defenses is unique in the market. We believe Mimic’s capabilities, combined with their use of AI, will become part of every CISO’s minimum required defense strategy. Having backed Derek Smith at Shape Security and seeing its success in the market, we’re thrilled to partner with him again and support Mimic’s rise as a leader in cybersecurity.”
Also Read: RegScale and Cyber Risk Institute Collaborate to Transform Financial Risk and Compliance Management
This sentiment was echoed by the large Seattle-based retailer REI (Recreation Equipment, Inc.). “We believe that Mimic’s breakthroughs in early detection, advanced deflection, and rapid recovery will be vital to our business continuity,” said Mike Hughes, Chief Information Security Officer at REI.
Introducing the Mimic Signal Generator
Finally, Mimic also announced a new groundbreaking capability that allows customers to safely simulate the impact of ransomware.
“The Mimic Signal Generator opens a new avenue for customer testing that has never been available before,” said Bob Blakley, Chief Product Officer at Mimic. “By allowing customers to safely see what real ransomware would do inside their networks, we enable our customers to test and validate their security posture without the dangers of handling actual malware.”
Source: PRNewswire