Anti-fraud platform provider SpyCloud on Tuesday announced that it raised $30 million in a Series C funding round. To date, the company has received $58.5 million in investments.
Founded in 2016 in Austin, Texas, SpyCloud offers a platform designed to fuel solutions that prevent account takeover and which enable fraud investigations.
One of the most common means of compromising organizations or personal information, account takeover often relies on the use of credentials exposed in data breaches, and which are then traded on underground portals.
Account takeover can lead to fraud, business email compromise, or financial data and intellectual property theft, among others.
SpyCloud aims to provide organizations with support in preventing account takeover through identifying exposed employee and customer accounts and through automating remediation before attacks occur.
The company combines its curation platform with human intelligence to maintain a large database of compromised assets that organizations worldwide can leverage to prevent fraud and protect employees and customers.
According to SpyCloud, various customer relationships and partnerships result in more than 2 billion users taking advantage of its account takeover protection.
The newly raised funds, the company says, will help it expand product and engineering teams, as well as develop new techniques for fraud detection and prevention.
The funding round was led by Centana Growth Partners, but also saw participation from all previous investors, namely Altos Ventures, M12 (Microsoft’s venture fund), March Capital Partners, and Silverton Partners.
“Criminals work together to steal information and find creative ways to monetize it. As a result, even the most careful and sophisticated organizations are vulnerable,” said Ted Ross, SpyCloud CEO and co-founder. “SpyCloud will continue to pursue new and innovative ways to stay ahead of criminals and provide solutions that make the internet a safer place for individuals and businesses.”
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