Cyber startup SpyCloud has announced a successful funding round, raising $35m to further enhance its capabilities in account takeover prevention.
According to Silicon ANGLE, the $35m investment was led by CIBC Innovation Banking, the investment arm of the Canadian Imperial Bank of Commerce, aimed at bolstering SpyCloud’s offerings against cyber threats.
Founded in 2016, SpyCloud specialises in detecting leaked employee login credentials and protecting consumer accounts through its platform. The company proactively disrupts attackers’ ability to profit from stolen information by gathering data from breaches, malware-infected devices, and dark web sources, transforming these into actionable insights.
SpyCloud intends to use the new funding to continue innovating its automated solutions, enhancing protection against ransomware, consumer fraud losses, and cybercrime investigations. The platform is equipped to detect if employee passwords linked to internal supply chain applications are on the dark web, find other types of leaked login credentials, and identify compromised cookies, which hackers can exploit for session jacking.
The company’s solutions integrate with a variety of services, including Active Directory, Okta Inc., Tines Inc., Splunk Inc., Microsoft Sentinel, Palo Alto Networks Cortex XSOAR, and other identity response and orchestration tools.
SpyCloud has shown significant growth and serves half of the Fortune 10 companies, including notable clients like Canva Pty Ltd., Intuit Mailchimp, LendingTree LLC, Atlassian Corp. PLC, Uber Technologies Inc., Zscaler Inc., and Samsonite International S.A.
“As the threat landscape continues to evolve, it’s imperative that digital identities are well protected since they’re the entry point for so many targeted attacks,” SpyCloud co-founder and Chief Executive Ted Ross said. “Building automated solutions that combat cybercrime has been our vision since day one, and the financing we received from CIBC Innovation Banking will allow us to continue innovating and growing.”
Previously, SpyCloud has raised various rounds of funding to expand its platform and capabilities, solidifying its position as a leader in the cybersecurity industry.
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