Venture Capital: SpyCloud Lands $110M For Its Identity Protection Platform

August 25, 2023 | Digital Assets, News, Venture Capital

Following a $30 million Series C funding round in 2020, SpyCloud tripled its revenue and created solutions to mitigate new and prevalent cyberattacks.

SpyCloud, a leading provider of identity threat protection, has secured a $110 million growth round of funding led by Riverwood Capital. The company specializes in automating the safeguarding of digital identities against sophisticated cyber threats. SpyCloud’s innovative approach involves utilizing a proprietary engine to collect and analyze data from the criminal underground. This data is then used to automate the remediation of exposed authentication and identity information. The funding will be instrumental in driving global expansion, particularly in the realms of enterprise and consumer protection, investigations, and authentication bypass prevention.

SpyCloud’s platform focuses on identifying and mitigating stolen session cookies, credentials, and emerging forms of authentication data actively exploited by cybercriminals. One of its latest offerings, SpyCloud Compass, aids in post-infection remediation of malware exposures, specifically targeting compromised assets that are likely to lead to ransomware attacks.

The funding will also fuel the enhancement of SpyCloud’s database of recaptured malware assets, empowering customers and partners to stay ahead of evolving cyber threats. The company’s expansion plans involve growing its industry integrations and global go-to-market teams to address the increasing interest in identity protection.

According to Ted Ross, SpyCloud CEO and Co-Founder, SpyCloud’s approach aids security teams in identifying and resolving critical risks, even those that were previously unforeseen. Furthermore, it enables businesses to adjust their defenses in line with criminals’ new behaviour.

The company’s growth trajectory aligns with its vision of countering identity-related threats, and its unique methods have earned recognition in the form of industry awards and partnerships. Riverwood Capital’s investment underscores SpyCloud’s pivotal role in addressing identity-based cyber threats and contributing to the broader landscape of cybersecurity.

Related Story:  AI-Powered, Digital Identity Verifier Jumio Scores $150M Round

Image of Spycloud Office: SpyCloud

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