SpyCloud, an Austin, Texas-based data breach and account takeover (ATO) prevention company, in a recent press release statement, announced raising $21 million in Series B funding round led by M12, formerly Microsoft Ventures, Microsoft’s corporate venture capital firm and participated by SpyCloud’s existing investors which include Silverton Partners and March Capital Partners. The company after the recent funding round has in total raised more than $28 million.
SpyCloud claims that the recent investments will be used to hire professionals and the company is currently on the lookout for individuals for its security research, development, and sales and marketing teams. Further, the company also plans to expand its global presence by entering new markets all around the world
The firm also explains that it is extremely excited and optimistic about what this new round of funding will do for SpyCloud and the world at large. The company plans to utilize this money to go toe-to-toe chasing even the sophisticated criminals who have scaled their methods to collect and weaponize compromised passwords.
The company says that its solution and practices are unique which differentiates them from the majority of the data breach prevention companies. SpyCloud features human experts at the center of its account takeover prevention capabilities, thus not relying completely on an automated solution. Furthermore, the company deploys self-coined techniques called the “multi-tiered, underground intelligence gathering”, which it calls something critical to find stolen credentials in the underground markets or the dark web.