SpyCloud has closed a $110 million growth round commitment of primary and secondary capital led by Riverwood Capital, a global investor in high-growth technology companies. More than 500 market leaders across every industry – including half of the Fortune 10 – already use SpyCloud to thwart cybercrimes including ransomware, account takeover, session hijacking, and online fraud.
Capitalizing on its proprietary engine that recaptures and analyzes data from the criminal underground and automates the remediation of exposed authentication and identity data, SpyCloud takes a novel approach to disrupting cybercrime compared to traditional methods like threat intelligence, and adds value to IAM, identity threat detection and response, endpoint protection, and zero trust frameworks.
SpyCloud’s platform identifies and remediates stolen employee and consumer session cookies, credentials, and emerging forms of authentication data being actively used by criminals to target enterprises, their customers, and their supply chains. Its latest solution, SpyCloud Compass, enables Post-Infection Remediation of malware exposures, including the compromised assets most likely to lead to ransomware attacks.
With this funding, SpyCloud plans to:
- Accelerate innovations across Enterprise Protection, Consumer Risk Protection, and Investigations use cases
- Release authentication bypass prevention solutions that protect businesses and consumers from compromised passkeys
- Grow its industry-leading database of recaptured malware assets, delivering new insights to help customers and partners stay ahead of the most advanced cyber threats
- Evolve analytic capabilities that link exposures of personal and corporate identity and authentication data to promote an identity-centric view of security that goes beyond the device-centric limits of most corporate security teams
- Bolster its growing list of integrations, which already includes Active Directory, Okta, and Tines, among others – partnering with leading identity, incident response, orchestration, and directory services tools
- Expand its go-to-market teams globally to help organizations adapt to the heightened interest in identity protection
“For the last seven years, we have proven that reacting quickly to identity and authentication exposures is the crucial factor in stopping the cycle of cybercrime,” said Ted Ross, SpyCloud CEO.
“As authentication methods improve, businesses need to adjust their defenses to keep up with criminals’ new behavior. SpyCloud allows you to do just that – and we will continue to illuminate and resolve the most critical risks facing security teams today, stopping attacks they haven’t been able to see coming,” Ross concluded.