Mimic Launches With New Ransomware Defense Platform

The number of ransomware and associated extortion attacks is growing, with reports nearly every day about damage inflicted on organizations. These attacks disrupt business operations and result in significant downtime. In some cases, data is stolen. Educational institutions, retail and healthcare entities, and critical infrastructure organizations have all been targeted over the past few months.

Mimic, which came out of stealth today, is a ransomware defense company that offers a way for organizations to detect, deflect, and recover from ransomware attacks. The company says its software-as-a-service platform is capable of restoring an organization's environment and data back to an uninfected state within 24 hours without needing to pay a ransom.

Details about the technology are sparse, but the company has the support of several well-known names, including Ted Schlein, general partner at Ballistic Ventures, who joined the board of directors; and Marie Mouchet, former CIO of Colonial Pipeline, who joined the advisory board.

Mimic's platform works "in concert" with a customer's existing security controls, said Mimic CEO Derek Smith in a statement. Smith was formerly CEO of Shape Security, a Web and mobile application security company that was acquired by F5 in 2019 for $1 billion. 

As part of the launch, Mimic raised $27 million in seed funding from Ballistic Ventures, Menlo Ventures, Team8, Wing Venture Capital, and Shield Capital. The company said Apex Group, a financial services provider, is currently using the platform.