Anti-Fraud Tech Maker SpyCloud Secures $30M in Series C Round; Ted Ross Quoted

SpyCloud has closed a $30 million Series C round to grow its product and engineering teams and build new ways to detect and prevent fraud, the company said Tuesday. The investment was led by Centana Growth Partners, with participation from all existing investors: M12, Microsoft's venture fund; Altos Ventures; Silverton Partners; March Capital Partners.

"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," said Ted Ross, SpyCloud CEO and co-founder. "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."

SpyCloud recently reported that 139 thousand new web domains related to COVID-19 have been used to scam users. The company has made efforts to combat threats by  identifying emerging risks and track increased malicious activity related to the COVID-19 pandemic.

"With so many people now working from home and multiple family members sharing devices with a mix of personal and professional applications, attack surfaces have increased significantly. Criminals are certainly taking full advantage of these new opportunities to exploit your employees and their family members," Ross added. 

In addition, SpyCloud has helped prevent account takeover by finding exposed employee and customer accounts early and automating the remediation before damage is activated. SpyCloud has integrated Human Intelligence within the company’s curation platform to maintain the industry's largest and highest quality database of compromised assets. 

The data can be accessed by global organizations to prevent fraud and protect employees and consumers. 

"SpyCloud's approach to fraud prevention is helping businesses protect themselves and their customers at a time when threats are more pervasive than we've ever seen. 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 Eric Byunn, partner at Centana Growth Partners who joins SpyCloud's board.

About SpyCloud

SpyCloud is the leader in account takeover (ATO) prevention, protecting billions of consumer and employee accounts either directly or through product integrations. Our award-winning solutions – backed by the world's most comprehensive and actionable repository of exposed assets – proactively defeat fraud attempts and disrupt the criminals' ability to profit from stolen information.