Mimic, a ransomware defense company, announced that it has emerged from stealth and secured a seed round of funding of $27 million, led by Ballistic Ventures and with investment from Menlo Ventures, Team8, Wing Venture Capital, and Shield Capital.
Ransomware has become one of the most challenging forms of cyber-attack worldwide. And one of the first high-profile attacks occurred on May 7, 2021, when Colonial Pipeline, an oil pipeline system that carries gasoline and jet fuel from Houston through the Southeastern U.S. and to the New York Harbor, suffered a ransomware attack that caused the entire pipeline to be shut down, crippling fuel supplies to the Eastern U.S.
Mimic also announced that a reference customer (Apex Group) is leveraging the Mimic platform. Apex Group (established in Bermuda in 2003) is a global financial services provider. With 13,000+ employees globally, Apex Group provides services in 50 jurisdictions, delivering an expansive range of services to asset managers, financial institutions, private clients, and family offices. The Group has continually improved and evolved its capabilities to offer a single-source solution by establishing the broadest range of services in the industry.
KEY QUOTES:
“Mimic’s SaaS platform provides enterprises with detection, deflection, and rapid recovery from ransomware attacks. Our technology detects ransomware much earlier and with greater accuracy than other defenses, allowing us time to deflect the attack before damage is done or data is stolen. Mimic is the last line of defense, working in concert with our customers’ other controls. Our mission is to eradicate this pernicious form of cyber extortion, which impacts parts of our society that are least able to cope, such as hospitals and schools.”
– Derek Smith, Mimic CEO
“Mimic’s new capability to detect and deflect ransomware so much earlier than traditional defenses is a huge step forward. The Mimic technology will allow incident responders the time they need to cut off threat actor access, knowing that their client is protected.”
– Kevin Mandia, founder of Mandiant and Co-founder and Strategic Partner of Ballistic Ventures
“Mimic’s technology allows us to find ransomware attacks much earlier than our other defenses and with much higher precision and then deflects those attacks in ways which will help protect our business from future attacks.”
– Ash Hunt, Apex Group CISO
“Ransomware is the highest priority problem for all CISOs in the Fortune 500 and Global 2000. We believe that Mimic’s unique approach to defending against these attacks will make it a required part of every company’s approach to security.”
– Ted Schlein, General Partner at Ballistic Ventures and long-time partner at Kleiner Perkins – who has joined the Board of Directors
