SpyCloud, an Austin, Texas-based account takeover (ATO) prevention platform provider, closed a $5m Series A funding.
Backers included existing investors Silverton Partners and March Capital Partners.
The company will use the funds to accelerate product development, conduct deeper security research, continue to expand its database of assets, and hire additional team members.
Led by Ted Ross, CEO and co-founder, SpyCloud provides a platform that proactively identifies exposed employee and customer accounts at the earliest possible juncture, enabling businesses to protect those accounts before criminals can act.
The company’s security researchers have used proprietary collection techniques to amass a large repository of exposed accounts, leaked passwords and personally identifiable information (PII), with more than 32 billion current assets and billions of new assets being added every month.
Enterprises use SpyCloud’s data and fully-automated tools to detect exposures and remediate employee accounts that have been impacted, by forcing password changes before those accounts can be used in nefarious ways and surfacing compromised devices that are infected with keyloggers or malware. Service providers use SpyCloud’s data repository to detect and prevent their online customer accounts from ATO and resulting fraud or PII theft, making use of SpyCloud’s API. Enterprise security teams also use SpyCloud’s data for fraud investigation purposes.