SpyCloud Lands $110 Million Funding, Eyes Global Expansion

SpyCloud has closed a $110 million venture round of primary and secondary capital led by Riverwood Capital, a returning backer, the identity and authentication specialist announced.

The Austin, Texas-based startup has raised $168 million to date.

SpyCloud’s platform identifies and remediates stolen employee and consumer session cookies, credentials and emerging forms of authentication data being actively used by cybercriminals to target enterprises, their customers, and their supply chains.

Its latest solution, SpyCloud Compass, enables post-infection remediation of malware exposures, including the compromised assets most likely to lead to ransomware attacks.

SpyCloud’s partners include managed security service providers (MSSPs), which use its analytics to deliver services to consumers and businesses.

SpyCloud's Next Moves

Here's how SpyCloud is using its infusion of cash:

Accelerate innovations across enterprise protection, consumer risk protection, and Investigations use cases

Release authentication bypass prevention solutions that protect businesses and consumers from compromised passkeys

Grow its industry-leading database of recaptured malware assets, delivering new insights to help customers and partners stay ahead of the most advanced cyber threats

Evolve analytic capabilities that link exposures of personal and corporate identity and authentication data to promote an identity-centric view of security that goes beyond the device-centric limits of most corporate security teams

Bolster its growing list of integrations, which already includes Active Directory, Okta, and Tines, among others, partnering with leading identity, incident response, orchestration, and directory services tools

Expand its go-to-market teams globally to help organizations adapt to the heightened interest in identity protection

Ted Ross, SpyCloud’s chief executive and co-founder, said the company has proved that it can “react quickly” to identity and authentication exposures to stop the “cycle” of cybercrime. As he explained:

“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. As authentication methods improve, businesses need to adjust their defenses to keep up with criminals’ new behavior. 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.”

SpyCloud said that following a $30 million Series C funding round in 2020, its revenue has tripled and it has developed new solutions to mitigate new and prevalent cyber attacks for large and mid-sized enterprises including financial institutions, retailers, and software and technology companies.