Cybersecurity startup SpyCloud has secured USD 35 million in a funding round aimed at improving its account takeover prevention capabilities. The investment was led by CIBC Innovation Banking, the investment arm of the Canadian Imperial Bank of Commerce.

Established in 2016, SpyCloud specialises in identifying leaked employee login credentials and protecting consumer accounts through its platform. By gathering data from breaches, malware-infected devices, and dark web sources, the company disrupts attackers' ability to exploit stolen information. This recent funding will support SpyCloud in further developing its automated solutions to combat ransomware, consumer fraud losses, and cybercrime investigations.

These solutions include detecting compromised employee passwords, leaked login credentials, and compromised cookies. SpyCloud's offerings integrate with a range of services such as Active Directory, Okta Inc., Tines Inc., Splunk Inc., Microsoft Sentinel, Palo Alto Networks Cortex XSOAR, and other identity response and orchestration tools. SpyCloud officials emphasised the importance of protecting digital identities in the face of evolving threat landscapes.

They expressed gratitude for the financing from CIBC Innovation Banking, highlighting its role in fueling the company's innovation and growth sector. Previous SpyCloud funding efforts One of SpyCloud’s most significant funding efforts took shape in August 2023, when the company closed a USD 110 million growth round to drive global expansion and prevent authentication bypass to protect digital identities. The company’s vision to address identity-related threats has led to sustained growth.

Following a USD 30 million Series C funding round in 2020, SpyCloud tripled its revenue and created new solutions to mitigate new and prevalent cyberattacks for large and mid-sized enterprises including financial institutions, retailers, and software and technology companies. .