SpyCloud, a U.S.-based anti-fraud platform, announced on Tuesday it secured $30 million through its Series C funding round, which was led by Centana Growth Partners with participation from M12, Altos Ventures, Silverton Partners, and March Capital Partners.
Founded in 2016, SpyCloud claims it is a leader in account takeover (ATO) prevention, protecting billions of consumer and employee accounts either directly or through product integrations. SpyCloud reported that its proactive account takeover prevention solutions are designed to stop fraud and make the internet a safer place for individuals and businesses. The company also offers enterprises:
- Comprehensive and actionable repository of compromised credentials and PII
- Access to data recovered from third-party breaches
- Plaintext passwords in the industry
Ted Ross, SpyCloud CEO and Co-Founder, further stated:
“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. 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.”
Eric Byunn, Partner at Centana Growth Partners who joins SpyCloud’s board, added:
“We heard from major financial institutions and a wide range of enterprises that SpyCloud’s solutions are critically important to their anti-fraud efforts,” said “We’re proud to help them continue the fight and discover new ways to protect both companies and consumers from these evolving threats.”
SpyCloud then added that with the new investment, it plans to grow its product and engineering teams and build new ways to detect and prevent fraud.