SpyCloud, an Austin,Texas-based cybersecurity company, has raised $5m in Series A funding from Silverton Partners and March Capital Partners.
The new funding, which comes two years after SpyCloud raised a $2.5m seed funding round from Silverton and March, will be used to accelerate product development, conduct deeper security research, expand its database of assets, and hire additional team members.
SpyCloud’s platform, which provides account takeover (ATO) prevention, identifies exposed employee and customer accounts at the ‘earliest possible juncture’. Through underground data collection and an exact match prevention solution, SpyCloud identifies exposed accounts that would typically ‘fall through the cracks with other solutions’ and does so before accounts and passwords are posted on criminal forums and dark markets.
Its security researchers have amassed what it claims is the industry’s largest and highest quality repository of exposed accounts, leaked passwords and personally identifiable information (PII). It has more than 32 billion current assets and billions of new assets being added every month.
Enterprises use the data and the company’s fully-automated tools to detect exposures and remediate employee accounts that have been impacted by forcing password changes. It does this all before those accounts can be used in nefarious ways and surfacing compromised devices that are infected with keyloggers or malware.
Service providers also use the data repository to detect and prevent their online customer accounts from ATO and resulting fraud or PII theft, while enterprise security teams also tap into the data for fraud investigation purposes.
“There isn’t a company in the world that doesn’t run the constant risk of having its employee or customer accounts exposed, and that leads to a host of other issues,” said Ted Ross, CEO and co-founder of SpyCloud. “The only chance businesses stand against these increasingly-proficient criminals is to know as soon as possible which accounts have been exposed and to take preventative measures well before credentials make it onto the dark web.”
The business merged from stealth last year and has protected tens of millions of employee and customer accounts for notable companies across the finance, retail, healthcare and technology industries.
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