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SpyCloud Secures $110 Million Funding to Advance Identity Protection Innovations

AI/MLSpyCloud Secures $110 Million Funding to Advance Identity Protection Innovations

SpyCloud, a leader in utilizing identity analytics to automate digital identity protection, has successfully concluded a substantial growth round, securing a remarkable $110 million in funding. The Austin-based company’s primary and secondary capital investment was led by Riverwood Capital, known for supporting high-growth tech firms. SpyCloud’s solutions are relied upon by over 500 market leaders, including half of the esteemed Fortune 10 companies, to combat various cyber threats.

The company’s platform is uniquely designed to identify and resolve stolen employee and consumer session cookies, credentials, and emerging authentication data frequently exploited by cybercriminals. Using a proprietary engine, SpyCloud sources and analyzes data from the criminal underground, allowing them to address exposed identity data. This sets them apart from conventional methods, like threat intelligence. Their recently launched SpyCloud Compass takes this further by facilitating post-infection remediation of malware exposures, targeting the most vulnerable assets susceptible to ransomware attacks.

The freshly acquired funds will play a pivotal role in realizing SpyCloud’s ambitious plans. They aim to accelerate innovations across their Enterprise Protection, Consumer Risk Protection, and Investigations use cases. Their focus will extend to preventing authentication bypass, enhancing their malware assets database, and refining their analytical capabilities.

The company also intends to expand integrations with major players like Active Directory, Okta, and Tines. They plan to broaden their global reach to meet the rising demand for identity protection.

SpyCloud has experienced impressive growth, tripling its revenue after a $30 million Series C funding round in 2020. Their collaborations with top financial institutions, retailers, and tech companies have led to pioneering solutions against emerging cyber threats. The company has also received recognition in the industry, winning accolades such as the 2022 Deloitte Technology Fast 500 and multiple Gold Cybersecurity Excellence Awards.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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