SpyCloud secured a $30 million Series C round to power its account takeover prevention and fraud investigations tools.
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Centana Growth Partners led the Austin-based company’s round with participation from existing investors M12, Altos Ventures, Silverton Partners and March Capital Partners. The new investment gives the company a total of $58.5 million raised since its inception in 2016, according to Crunchbase data. This includes a $21 million Series B closed last year and led by M12.
As part of the investment, Centana Growth’s Partner Eric Byunn joins SpyCloud’s board.
Criminals are constantly developing new ways to collect and weaponize stolen information to harm organizations and individuals, Ted Ross, SpyCloud co-founder and CEO told Crunchbase News.
“We’ve seen some severe results where someone’s life savings can be gone overnight,” Ross said. “Our job is to ultimately rip the carpet out from underneath criminals so they can’t use your information.”
After closing its Series B, he said having M12 lead the round “helped put us on the map,” and SpyCloud experienced accelerated growth, adding both big and small clients—the company now protects 2 billion people—which resulted in a tripling of its revenue last year.
With the new investment, SpyCloud plans to grow its product, engineering and sales teams domestically and abroad, as well as build new ways to detect and prevent fraud. The company has 70 employees with a goal of adding 30 new people, such as machine learning developers, data scientists and go-to-market experts.
“We’ve now been preventing account takeovers for four years, protecting individuals and enterprise, so the data we’ve collected, we want to analyze it and provide new services beyond account takeover,” Ross added.
A new service being tested with customers is SpyCloud at Home.
“People are now sitting at home with their work computers next to their significant others’ and children’s unsecured laptops and phones,” he added.