PALO ALTO — Mimic, an enterprise ransomware defense company, 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.”
Mimic also announced that Kevin Mandia has joined its Board of Directors. Mandia, the founder of cybersecurity firm Mandiant, was acquired by Google in 2022. Mandiant’s customers include over 200 Fortune 500 companies and major government organizations worldwide. Mandia is a Co-founder and General Partner at Ballistic Ventures and previously served on the CISA Cybersecurity Advisory Committee.
“Ransomware is a direct threat to our way of life. Mimic has innovated a way to protect corporations, hospitals, schools, critical infrastructure – they’re all in the crosshairs,” said Mandia. “Mimic has the technology and the team to completely stop these attacks. Period.”
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.”
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.
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.”
