Mimic, a Palo Alto, CA-based ransomware defense company, has emerged from stealth and secured $27 million in seed funding.
Investors
The round was led by Ballistic Ventures, with investments from Menlo Ventures, Team8, Wing Venture Capital, and Shield Capital.
Ballistic Ventures is a venture capital investment firm dedicated exclusively to early-stage funding and incubation for entrepreneurs and innovations in cybersecurity. It was founded in 2021 and is based in San Mateo, California.
Ted Schlein, General Partner at Ballistic Ventures and long-time partner at Kleiner Perkins has joined Mimic Board of Directors.
Mimic Use of Funds
The company will use the funding to further develop and expand its SaaS platform.
About Mimic
Founded in 2023 and led by CEO Derek Smith, Mimic is a company that specializes in ransomware defense and offers a SaaS platform designed to detect, deflect, and rapidly recover from ransomware attacks. Its technology provides early detection of ransomware allowing organizations to take proactive measures to mitigate threats. Mimic works in conjunction with existing security controls to serve as the last line of defense against ransomware attacks.
Funding Details
Company: Mimic Networks, Inc.
Raised: $27.0M
Round: Seed Round
Funding Month: May 2024
Lead Investors: Ballistic Ventures
Additional Investors: Menlo Ventures, Team8, Wing Venture Capital, Shield Capital
Company Website: https://mimic.com/
Software Category: Ransomware Defense
Source: https://www.prnewswire.com/news-releases/ransomware-defense-company-mimic-emerges-from-stealth-announces-27m-seed-round-from-ballistic-menlo-team8-wing-and-shield-302133169.html