SpyCloud Raises $30M
SpyCloud, known for its anti-fraud platform powering account takeover prevention and fraud investigations solutions, has closed a $30 million Series C round led by Centana Growth Partners, with participation from all existing investors: M12 (Microsoft's venture fund), Altos Ventures, Silverton Partners, and March Capital Partners.
Criminals are constantly developing new ways to collect and weaponize stolen information to harm organizations and individuals. With the new investment, SpyCloud plans to grow its product and engineering teams and build new ways to detect and prevent fraud.
The COVID-19 pandemic has given criminals fresh opportunities to exploit internet users. In the early days of the pandemic, SpyCloud researchers uncovered 139,000 new web domains related to the virus and multiple scams being used to take advantage of people, such as criminals posing as government agencies and perpetrating credential stuffing attacks on food delivery apps. Since then, the company has continued to identify emerging threats and track increased malicious activity correlated to the timeline of the pandemic.
They acquire credentials stolen in data breaches and use them to commit fraud and business email compromise, siphon off financial information and intellectual property, and then package them for sale on underground markets. SpyCloud helps prevent account takeover by finding exposed employee and customer accounts early and automating the remediation before damage can be done.
SpyCloud's use of Human Intelligence combined with its unique curation platform enables the company to maintain a database of compromised assets. This data is used by many global organizations to prevent fraud, protecting both employees and consumers alike. Between direct customer relationships and partnerships, well over 2 billion users are benefitting from SpyCloud's protection.