The Austin-based company has a robust marketplace reputation, having garnered trust from over 500 industry leaders, with half of the Fortune 10 relying on its cutting-edge solutions to combat diverse cyber threats.
The round was spearheaded by Riverwood Capital, renowned for its steadfast support of high-growth technology enterprises. SpyCloud’s strategic offerings delve into the realms of identity safeguarding, utilising a distinctive platform designed to identify and rectify pilfered employee and consumer session cookies, credentials, and emerging authentication data that malevolent actors often exploit.
SpyCloud’s technological advantage lies its proprietary engine, an instrumental component that gathers and scrutinises data from the depths of the criminal underworld.
The recent launch of SpyCloud Compass takes this a step further by enabling post-infection mitigation of malware exposures, pinpointing compromised assets most susceptible to ransomware attacks.
According to reports, the funding will be used to drive SpyCloud’s growth strategies. These include accelerating innovations across their Enterprise Protection, Consumer Risk Protection, and Investigations use cases. Additionally, the focus will be on developing solutions to thwart authentication bypass, expanding their malware assets database, and honing their analytical capabilities.
SpyCloud’s leaders say the company is committed to existing integrations with industry giants such as Active Directory, Okta, and Tines. The company also plans to broaden its global reach, adapting to the rising demand for enhanced identity protection.
Speaking about the investment round, SpyCloud CEO and Co-founder, Ted Ross, said, “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. 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.”
“Today, a significant majority of cyberattacks use identity-based techniques. SpyCloud stands alone as a leader in identity protection. We are excited to partner with Ted and SpyCloud’s extraordinary team as they continue to disrupt the cybersecurity industry,” commented Jeff Parks, Co-Founder and Managing Partner at Riverwood Capital.
Kip McClanahan, General Partner at Silverton Partners, another SpyCloud investor, added: “Silverton is excited to participate in SpyCloud’s financing. SpyCloud’s products defend against sophisticated attackers in a way no other vendor has accomplished. This advanced thinking and dedication to the industry has been consistent since day one and is a core driver of the company’s impressive growth.”
Source: Businesswire
