CIBC Innovation Banking provides $35 million of growth financing to cybercrime prevention company SpyCloud

CIBC Innovation Banking has provided a $35 million growth financing package to SpyCloud, a cybersecurity firm whose solutions help organizations investigate and protect against cybercrime. SpyCloud will use the funding to continue expanding its offerings following its Series D raise in August 2023, led by Riverwood Capital.

Founded in 2016, SpyCloud delivers evidence of compromised data, giving security teams the ability to detect, prevent and automate the remediation of identity-based threats. Its solutions integrate with Active Directory, Okta, Tines, Splunk, Microsoft Sentinel, and Palo Alto Networks Cortex XSOAR, among other leading identity, incident response, orchestration and directory services tools.

SpyCloud customers include half of the Fortune 10, and to date has automated identity threat protection for more than four billion employee and consumer accounts, providing solutions from enterprise to consumer risk protection.

Ted Ross, CEO and co-founder of SpyCloud said: “As the threat landscape continues to evolve, it’s imperative that digital identities are well protected since they’re the entry point for so many targeted attacks. Building automated solutions that combat cybercrime has been our vision since day one, and the financing we received from CIBC Innovation Banking will allow us to continue innovating and growing.”

Jonathan Schupack, Managing Director at CIBC Innovation Banking said: “We are delighted to be part of SpyCloud’s journey as it continues to provide cybersecurity offerings that disrupt the growing cybercrime economy. As an Austin-based company, it’s great to support a regional high-growth technology firm.”

About CIBC Innovation Banking

CIBC Innovation Banking delivers strategic advice, cash management and funding to innovation companies across North America, the UK, and select European countries at each stage of their business cycle, from startup to IPO and beyond. With offices in Atlanta, Austin, Boston, Chicago, Denver, Durham, London, Menlo Park, Montreal, New York, Reston, Seattle, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking, private banking, wealth management and capital markets businesses.

About SpyCloud

SpyCloud transforms recaptured darknet data to protect businesses from cyberattacks. Its products operationalize Cybercrime Analytics (C2A) to produce actionable insights that allow enterprises to proactively prevent ransomware and account takeover, safeguard employee and consumer identities, and investigate cybercrime incidents. Its unique data from breaches, malware-infected devices, and other underground sources also powers many popular dark web monitoring and identity theft protection offerings. SpyCloud customers include half of the ten largest global enterprises, mid-size companies, and government agencies around the world. Headquartered in Austin, TX, SpyCloud is home to more than 200 cybersecurity experts whose mission is to make the internet safer with automated solutions that help organizations combat cybercrime.

To learn more and see insights on your company’s exposed data, visit spycloud.com.