Austin Cybersecurity Firm Raises $21 Million to Expand Team, Ramp Up Products

Austin cybersecurity startup SpyCloud, which prevents account takeovers, said Wednesday that it has raised $21 million to expand its security research team and ramp up product development.SpyCloud's platform specializes in detecting breaches of employee account information. It monitors accounts and sends a notification before accounts and passwords are posted on criminal forums and dark markets. The company also protects employees' personal credentials.Microsoft's venture fund, M12, led the funding round, which also included new investor Altos Ventures. Silverton Partners, based in Austin, and March Capital Partners were returning investors in the deal."As criminals use more complex, scalable methods to collect and weaponize compromised passwords, organizations need to take proactive measures to prevent, detect and remediate exposures," SpyCloud CEO Ted Ross said in a written statement. "SpyCloud meets that immediate need."  Continue reading...