Spur Intelligence has secured a $200 million investment from Insight Partners to expand its internet protocol intelligence platform as businesses face growing fraud and cybersecurity risks involving VPNs, residential proxies, bots and AI-driven infrastructure.
The investment will support growth across Spur’s product development, intelligence coverage, integrations, customer success, go-to-market operations and leadership organization.
The companies did not disclose the transaction’s valuation, ownership structure or other financial terms.
Spur provides IP intelligence that helps organizations understand the infrastructure behind internet connections. Its technology is designed to identify when users or automated systems are concealing their actual locations, identities or network origins.
An IP address can provide information about the network and geographic region associated with an internet connection. However, attackers and fraudulent users can route their traffic through virtual private networks, proxy services, compromised devices and other intermediary systems to conceal where the activity originated.
Residential proxy networks can be particularly difficult to detect because they route traffic through IP addresses assigned to homes and consumer devices. This can make malicious activity appear similar to traffic from legitimate customers.
Criminal organizations may use these services to create fraudulent accounts, evade geographic restrictions, conduct payment fraud, scrape online platforms or launch automated attacks without exposing their underlying infrastructure.
Spur’s platform continuously observes anonymizing infrastructure and evaluates how internet traffic is routed. It converts those signals into information that security and fraud teams can use to decide whether to approve a transaction, allow an account login, or investigate suspicious activity.
The company’s intelligence is available through application programming interfaces, data feeds, integrations and session-enrichment tools.
Session enrichment adds additional context to an online interaction. Rather than evaluating an IP address as a single, isolated data point, Spur can indicate whether the connection is associated with a VPN, residential proxy, bot network, or other infrastructure that may be attempting to conceal its origin.
This information can be incorporated into real-time decision systems alongside device signals, account history, transaction behavior and other risk indicators.
Spur said its technology is based on continuous observation and attribution of real-world network behavior. The company argues that this infrastructure-level intelligence cannot be reproduced solely by training a general-purpose AI model because it depends on current knowledge of how networks and anonymization services operate.
Demand for these capabilities is increasing as attackers use more sophisticated tools to imitate legitimate customers and avoid conventional fraud controls.
Spur’s 2026 IP Intelligence Study found that 94% of surveyed organizations encountered anonymizing VPNs or residential proxies in connection with security incidents.
Nearly half of the organizations surveyed said they planned to purchase, implement or upgrade a commercial IP intelligence solution within the following 12 months.
Traditional security systems may detect unusual activity but provide limited information about the infrastructure producing it. A company may see repeated account creation attempts, suspicious transactions or automated traffic without knowing that those events are connected through the same proxy network.
Spur is seeking to close that visibility gap by helping customers identify the source and characteristics of the network connection behind each interaction.
This can be useful for financial services companies, government agencies, e-commerce platforms, online marketplaces, gaming businesses and other organizations that need to distinguish legitimate customers from fraudulent or automated activity.
The rise of AI-powered automation could make this challenge more significant. AI agents can generate content, navigate websites and perform tasks at a scale that was previously difficult to achieve.
Malicious operators may combine AI systems with rotating proxy networks, bots and stolen identities to create activity that appears more human and geographically distributed.
Spur plans to use Insight Partners’ investment and operational resources to respond to this demand while expanding its platform and customer base.
The company will increase investment in research and product development, including broader coverage of anonymization networks and additional integrations with security and fraud prevention systems.
Spur also plans to strengthen its enterprise operations as larger organizations incorporate IP intelligence into mission-critical workflows.
CEO Kevin Hickey said Spur will continue investing in the research and engineering teams led by co-founders Riley Kilmer and Ethan Smith.
Insight Partners is a global software investment firm with more than $90 billion in regulatory assets under management as of December 31, 2025.
The firm has invested in more than 900 companies, including more than 55 that have completed initial public offerings.
Insight plans to support Spur with experience across product strategy, go-to-market expansion, customer success and organizational scaling.
The investment gives Spur substantial capital to expand as IP intelligence becomes a more important component of fraud prevention and cybersecurity systems.
KEY QUOTES:
“We’re in the middle of a massive shift in fraud prevention. As sophisticated criminal VPNs, residential proxy networks, and anonymization infrastructure proliferate, organizations are increasingly operating with a critical blind spot: they can see the activity, but not the infrastructure behind it.”
“Spur has built one of the most comprehensive and actionable intelligence layers for understanding the true origin of internet traffic, giving security and fraud teams the visibility they need to make faster, more confident decisions.”
Thomas Krane, Managing Director at Insight Partners
“Demand for high-fidelity IP intelligence is accelerating as organizations struggle to understand the true source and intent behind internet traffic.”
“With Insight’s experience helping software companies grow, we’re positioned to expand faster while continuing to deliver the accuracy and context our customers rely on.”
“We’re excited that co-founders Riley Kilmer and Ethan Smith and the world-class research and engineering teams are continuing to build the next generation of IP intelligence.”
Kevin Hickey, CEO of Spur Intelligence
