Ransomware defense firm Mimic has stepped out of stealth mode, unveiling a substantial $27 million seed funding round led by Ballistic Ventures, with contributions from Menlo Ventures, Team8, Wing Venture Capital, and Shield Capital.
“Mimic’s SaaS platform equips enterprises with early detection, deflection, and swift recovery mechanisms against ransomware assaults,” explained Derek Smith, CEO of Mimic. “Our technology enables the identification of ransomware at an earlier stage and with greater precision than traditional defenses, affording us the opportunity to deflect attacks before significant damage or data compromise occurs. Mimic stands as the final defense line, complementing our clients’ existing controls. Our overarching goal is to eliminate this detrimental form of cyber extortion, especially affecting vulnerable sectors such as healthcare and education.”
Renowned cybersecurity expert Kevin Mandia, founder of Mandiant and Co-founder and Strategic Partner of Ballistic Ventures, commended Mimic’s breakthrough capability. “Mimic’s innovative technology empowers incident responders with the time needed to sever threat actor access, providing assurance that their clients remain shielded,” Mandia affirmed.
The scourge of ransomware has emerged as a pervasive cyber threat on a global scale. The Colonial Pipeline ransomware attack on May 7, 2021, which disrupted fuel supplies across the Eastern U.S., exemplifies its detrimental impact. Marie Mouchet, former CIO of Colonial Pipeline and current Mimic Advisory Board member, emphasized the significance of Mimic’s solution in fortifying cybersecurity resilience.
Mimic proudly introduces Apex Group as a reference customer benefiting from its platform. Apex Group, a leading global financial services provider, underscores the efficacy of Mimic’s technology in early detection and precise deflection of ransomware attacks, as attested by Ash Hunt, CISO of Apex Group.
Moreover, Mimic announced the appointment of Ted Schlein, General Partner at Ballistic Ventures and seasoned investor at Kleiner Perkins, to its Board of Directors. “Ransomware represents a paramount concern for CISOs across Fortune 500 and Global 2000 companies,” Schlein emphasized. “We firmly believe that Mimic’s distinct approach to ransomware defense will become indispensable in every organization’s security arsenal.”
