SpyCloud, a cybersecurity firm, has raised $35 million in an investment round led by CIBC Innovation Banking.
A cyber firm called SpyCloud has raised $35 million in a successful investment round. SpyCloud will use the money to enhance its account takeover prevention capabilities.
In an effort to strengthen SpyCloud’s offerings against cyber threats, CIBC Innovation Banking, the investment arm of the Canadian Imperial Bank of Commerce, reportedly spearheaded the $35 million investment, as reported by Silicon ANGLE.
Since its inception in 2016, SpyCloud has made it its mission to safeguard customer accounts and identify compromised staff credentials. The business proactively prevents hackers from making money off of stolen data by collecting and analyzing information from breaches, malware-infected devices, and dark web sources.
With this fresh capital, SpyCloud will further develop its automated solutions, fortify defenses against ransomware, and investigate cases of cybercrime.
This tool can help you uncover compromised cookies that hackers can use for session jacking, find various kinds of leaked login credentials, and determine if your employees’ passwords to internal supply chain apps are on the dark web.
Active Directory, Okta, Tines, Splunk, Microsoft Sentinel, Palo Alto Networks Cortex XSOAR, and other identity response and orchestration technologies are among the many services that the company’s solutions interact with.
Notable clients of SpyCloud include Canva Pty Ltd., Intuit Mailchimp, LendingTree LLC, Atlassian Corp. PLC, Zscaler Inc., Samsonite International S.A., and Uber Technologies Inc. The company has exhibited remarkable development and serves half of the Fortune 10 organizations.
“In light of the ever-changing threat landscape, it is critical to ensure robust protection of digital identities, as they serve as entry points for numerous targeted attacks,” stated Ted Ross, co-founder and chief executive officer of SpyCloud.
Our goal from the beginning has been to create automated solutions that fight cybercrime, and with the funding we got from CIBC Innovation Banking, we can keep inventing and expanding.
After successfully completing multiple rounds of investment, they further strengthened their position as a frontrunner in the cybersecurity market by expanding their platform and capabilities.