SpyCloud, described as “the leader in operationalising identity analytics to automate the protection of digital identities”, has successfully closed a significant growth round. The Austin-based company managed to secure a whopping $110m.
This primary and secondary capital investment was spearheaded by Riverwood Capital, renowned for its support of high-growth technology companies. It’s noteworthy that SpyCloud’s innovative solutions are trusted by more than 500 market leaders, including half of the esteemed Fortune 10, to counter various cyber threats.
Delving deeper into SpyCloud’s offerings, their platform is distinctively designed to detect and resolve stolen employee and consumer session cookies, credentials, and emerging authentication data, which criminals often exploit.
Their proprietary engine plays a pivotal role, sourcing and analysing data from the criminal underground. This enables SpyCloud to remedy exposed identity data, setting them apart from conventional methods, such as threat intelligence. Their recently launched SpyCloud Compass goes one step further, facilitating post-infection remediation of malware exposures, targeting the compromised assets most susceptible to ransomware attacks.
The newly acquired funds will play a critical role in SpyCloud’s ambitious plans. They intend to accelerate innovations across their Enterprise Protection, Consumer Risk Protection, and Investigations use cases.
Furthermore, their focus will sharpen on releasing solutions to prevent authentication bypass, enrich their malware assets database, and refine their analytical abilities.
Another priority includes expanding their existing integrations with giants like Active Directory, Okta, and Tines. They also plan to broaden their global outreach, adapting to the surging demand for identity protection.
SpyCloud CEO and Co-founder, Ted Ross, offered his insights, saying, “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.”
The company has been on an upward trajectory. Post a $30m Series C funding round in 2020, SpyCloud remarkably tripled its revenue. They have pioneered solutions to counter emerging cyber threats, collaborating with top financial institutions, retailers, and tech firms. Partnerships also extend to renowned identity monitoring services and MSSPs.
Jeff Parks, Co-Founder and Managing Partner at Riverwood Capital, commented, “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.”
Kip McClanahan, General Partner at Silverton Partners, another SpyCloud investor, echoed similar sentiments, stating, “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.”
To conclude, SpyCloud’s recognition in the tech industry is nothing short of impressive. With accolades such as the 2022 Deloitte Technology Fast 500 and multiple Gold Cybersecurity Excellence Awards, the firm consistently proves its mettle.
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