US-based cybersecurity technology developer SpyCloud collected $21m yesterday in a series B round led by M12, the corporate venturing subsidiary of software producer Microsoft.
The round also included participation from venture capital firms Altos Ventures and Silverton Partners, as well as investment firm March Capital Partners.
Founded in 2016, SpyCloud has developed technology that protects employee and customer accounts from fraudulent activity by identifying potential security breaches and automatically promoting the user to change their password.
The capital will be used to expand SpyCloud’s security research team, invest in research and development initiatives and accelerate product development.
In March 2018, SpyCloud raised $5m in a series A round backed by Silverton Partners and March Capital Partners, the same two investors that had injected $2.5m in seed funding the year before.
Leo de Luna, managing director of M12, said: “SpyCloud is changing the way modern businesses identify and address cybercrime stemming from account takeovers.
“We look forward to helping SpyCloud and its outstanding team accelerate protections for both its customers and their users from this fraudulent activity.”