SpyCloud, a US-based developer of cyber fraud prevention software, completed a $30m series C round on Tuesday featuring M12, the strategic investment vehicle for software provider Microsoft.
The round was led by private equity firm Centana Growth Partners and filled out by venture capital firms Altos Ventures, March Capital Partners and Silverton Partners. Eric Byunn, a partner at Centana Growth Partners, has taken a seat on SpyCloud’s board of directors.
Founded in 2016, SpyCloud has built a software platform that prevents cyberattacks where criminals leverage stolen login details to hijack valuable assets such as financial information: a form of data breach known as account takeover fraud.
The company holds a repository of known personal data breaches that enable its human specialists to notify clients about at-risk employees or customers, ideally before the credentials are bought on illicit online marketplaces.
M12 led a $21m series B round for SpyCloud in February 2019 that included Altos Ventures, Silverton Partners and March Capital Partners. Silverton and March Capital had supplied $5m in series A funding for the company in early 2018 having provided $2.5m of seed capital the year before.
SpyCloud’s co-founder and chief executive, Ted Ross, said: “Criminals work together to steal information and find creative ways to monetise it. As a result, even the most careful and sophisticated organisations are vulnerable.
“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.”