Cybersecurity startup SpyCloud has announced to have successfully secured $35 million in a new funding round led by CIBC Innovation Banking, which is a part of the Canadian Imperial Bank of Commerce. It is learned the fresh capital will be used in enhancing their efforts in preventing account takeovers and simultaneously combating cyber threats.
SpyCloud was founded in 2016 and basically specializes in detecting leaked login credentials and protecting consumer accounts. Its platform collects data from security breaches, malware-infected devices and dark web sources. It thereafter turns the information into actionable insights. The approach disrupts the ability of cybercriminals to exploit stolen information.
SpyCloud is also learned to have plans to innovate further on its automated solutions with the new capital. It aims at preventing ransomware, consumer fraud losses and aiding in cybercrime investigations. Its platform is capable in detecting whether the employee passwords linked to internal supply chain applications are available on the dark web. It can simultaneously identify other types of leaked credentials as well as compromised cookies.
Its solutions integrate seamlessly with various services including Active Directory, Okta, Tines, Splunk, Microsoft Sentinel and Palo Alto Networks Cortex XSOAR.
SpyCloud has witnessed significant growth. It currently serves half of the Fortune 10 companies and some the notable clients are Canva, Intuit Mailchimp, LendingTree, Atlassian, Uber, Zscaler and Samsonite.
SpyCloud CEO and co-founder Ted Ross said that it is crucial to protect digital identities and their vision has always been to build automated solutions to combat cybercrime.
The newly raised funding is believed to further strengthen the position of SpyCloud as a leader in the cybersecurity industry.
