Jane Edwards
SpyCloud has secured $21M in a round of Series B financing led by Microsoft’s M12 venture fund and backed by March Capital Partners, Silverton Partners and Altos Ventures.
The company said Wednesday it will use the investment to broaden its research-and-development work on account takeover prevention tools, expand its security research team and sales and marketing organization, increase its international presence and grow its database of recovered assets.
"Passwords and their reuse across personal and work accounts are the leading cause of ATO, one of the most imminent threats to businesses of all sizes," said Ted Ross, CEO and co-founder of SpyCloud.
Ross noted that SpyCloud works to deliver ATO prevention platforms to help organizations counter adversaries that use complex techniques to gather and weaponize compromised passwords and sensitive information.
In addition to ATO prevention tools, SpyCloud also provides fraud investigation, active directory protection, corporate exposure alerts and other support services to government agencies, education, travel and hospitality, financial services, health care and retail sectors.
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