On Tuesday, Austin-based cybersecurity startup SpyCloud announced that it raised $30 million in its Series C funding round. Centana Growth Partners led the Series C round, with participation from Microsoft venture arm M12, Altos Ventures, Silverton Partners and March Capital Partners.
SpyCloud has created an anti-fraud platform that helps prevent hackers from taking over online accounts and provides software to investigate fraud. The company says that account takeover is one of the most prevalent ways that sensitive personal and business information gets leaked online. And cyber attacks have only gone up since the start of COVID-19, since more people and businesses are putting information online.
That’s why it’s important to be vigilant about protecting yourself from online fraudsters. SpyCloud has identified multiple new threats during the pandemic, ranging from fake COVID-related websites that are really online scams, to hackers posing as government agencies and attacks on food delivery apps to steal personal credentials.
“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,” CEO and co-founder Ted Ross said in a statement. “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 says that it will use this money to expand its product to detect new ways to spot and prevent fraud. The company will also use the funding to grow its engineering teams in order to make this product development possible.
Over two billion people benefit from SpyCloud’s security platform, either as direct users or through the company’s partnerships.