- SpyCloud, a company known for its anti-fraud platform powering account takeover prevention and fraud investigations solutions, announced that it has raised a $30 million Series C round
SpyCloud — a company that is known for its anti-fraud platform powering account takeover prevention and fraud investigations solutions — announced that it has raised 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 plotting new ways to collect and weaponize stolen information to harm organizations and individuals. And 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 greater opportunities to exploit internet users. And 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 like criminals posing as government agencies and perpetrating credential stuffing attacks on food delivery apps. Since then, the company continued to identify emerging threats and track increased malicious activity correlated to the timeline of the pandemic.
Account takeover is known as one of the most common methods for criminals to gain access to sensitive personal and corporate information. Criminals are able to 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. Fortunately, 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 the industry’s largest and highest quality database of compromised assets. And 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.
KEY QUOTES:
“Criminals work together to steal information and find creative ways to monetize it. As a result, even the most careful and sophisticated organizations are vulnerable. SpyCloud will continue to pursue new and innovative ways to stay ahead of criminals and provide solutions that make the internet a safer place for individuals and businesses.”
“With so many people now working from home and multiple family members sharing devices with a mix of personal and professional applications, attack surfaces have increased significantly. Criminals are certainly taking full advantage of these new opportunities to exploit your employees and their family members. SpyCloud is dedicated to protecting everyone from attacks and preventing them before they happen.”
— SpyCloud CEO and co-founder Ted Ross
“SpyCloud’s approach to fraud prevention is helping businesses protect themselves and their customers at a time when threats are more pervasive than we’ve ever seen. We heard from major financial institutions and a wide range of enterprises that SpyCloud’s solutions are critically important to their anti-fraud efforts. We’re proud to help them continue the fight and discover new ways to protect both companies and consumers from these evolving threats.”
— Eric Byunn, partner at Centana Growth Partners — who joins SpyCloud’s board
