Austin cybersecurity startup SpyCloud has picked up $30 million in Series C, plans to strengthen its fraud investigation technology.
Cybersecurity startup SpyCloud netted $30 million in Series C round of funding amid heightened concerns to secure users from online frauds and account takeover scams. This latest funding takes the total investment to $58.5 million. The fresh capital infusion will help the startup deepen its product and engineering tech stack for fraud detection and prevention. Centana Growth Partners led the round of funding with participation from existing investors M12, Altos Ventures, Silverton Partners, and March Capital Partners.
Talking about the spike in account takeover attacks (ATO), Ted Ross, SpyCloud CEO and co-founder said, â€œCriminals work together to steal information and find creative ways to monetize it. As a result, even the most careful and sophisticated organizations are vulnerable.â€
Earlier in June, VPN and password manager provider NordPass estimated that over 10 billion data records are vulnerable to breaches. These records can likely be a gateway for account takeover of individuals and enterprises. Starting with getting access to the email, the threat actors can go as far as taking over social media, banking accounts and more.
SpyCloud maintains a database of compromised assets, which it claims to be the industry’s largest. The company also reported to have recovered 9 billionOpens a new window credentials from 640 breaches last year.Â
SpyCloud said they found 139,000 new fraudulent web domains used for phishing attacks. Ross adds, â€œWith 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.â€
Some of its existing clients include Avast, Automattic, Cisco, MailChimp, Samsonite. Eric Byunn, Partner at Centana Growth Partners said, â€œSpyCloud’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.â€Â
As part of the new investment, Byunn will join SpyCloud’s Board of Directors as a member.