Ransomware defense company Mimic emerges from stealth, announces $27M seed round from Ballistic, Menlo, Team8, Wing, and Shield

The company reveals a reference customer, Kevin Mandia endorses the technical approach, Ted Schlein joins the Board of Directors and Marie Mouchet joins the Advisory Board

PALO ALTO, Calif., May 2, 2024 /PRNewswire/ -- Mimic, the ransomware defense company, announced today that it has emerged from stealth and that it has secured a seed round of funding of $27 million led by Ballistic Ventures, with investment from Menlo Ventures, Team8, Wing Venture Capital and Shield Capital.

"Mimic's SaaS platform provides enterprises with detection, deflection, and rapid recovery from ransomware attacks," said Derek Smith, Mimic CEO. "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."

"Mimic's new capability to detect and deflect ransomware so much earlier than traditional defenses is a huge step forward," said Kevin Mandia, founder of Mandiant and Co-founder and Strategic Partner of Ballistic Ventures. "The Mimic technology will allow incident responders the time they need to cut off threat actor access, knowing that their client is protected."

Ransomware has become one of the most dangerous forms of cyber-attack worldwide. 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 which caused the entire pipeline to be shut down, crippling fuel supplies to the Eastern U.S. The CEO of Colonial Pipeline at the time, in his testimony to the U.S. Senate Committee on Homeland Security & Governmental Affairs, stated, "We were in a harrowing situation and had to make difficult choices that no company ever wants to face… Our hope is that we will all learn from what happened and, through sharing, develop even more robust tools and intelligence to address this threat moving forward."

The CIO of Colonial at the time, who led the fight to get Colonial back on-line, Marie Mouchet, has joined the Mimic Advisory Board and said, "I am very excited by what Mimic is creating. It would have helped us and others and is a very needed breakthrough in the world of cybersecurity."

Mimic is excited to announce a reference customer, Apex Group, which is currently leveraging the Mimic platform.

Apex Group Ltd., established in Bermuda in 2003, is a global financial services provider. With over 13,000 employees globally, Apex Group provides services into 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 through establishing the broadest range of services in the industry. 

"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," said Ash Hunt, Apex Group CISO.

Mimic also announced today that Ted Schlein, General Partner at Ballistic Ventures and long-time partner at Kleiner Perkins, has joined its Board of Directors. "Ransomware is the highest priority problem for all CISOs in the Fortune 500 and Global 2000," said Schlein. "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."

About Mimic
Mimic is the ransomware defense company. Security teams use Mimic to detect ransomware early enough to deflect it before it can damage their infrastructure or steal their data. Mimic also creates a unique rapid-recovery technology which operates in seconds and minutes vs days and weeks, without allowing threat actors to reestablish their access. Founded in 2023, Mimic is headquartered in Palo Alto, California, and is funded by Ballistic Ventures, Team8, Menlo Ventures, Wing Venture Capital, and Shield Capital. Visit us at Mimic.com.

About Apex Group

Apex Group Ltd., established in Bermuda in 2003, is a global financial services provider. With over 13,000 employees globally, Apex Group provides services into 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 through establishing the broadest range of services in the industry; including fund raising solutions, fund administration, digital onboarding and bank accounts, depositary, custody, super ManCo, corporate services and a pioneering ESG ratings and advisory solution. Apex Group's purpose is to be more than just a financial services provider and is committed to driving positive change to address three core areas; the environment and climate change, women's empowerment and economic independence, education and social mobility.

www.apexgroup.com

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SOURCE Mimic