Silicon ANGLE claims that CIBC Innovation Banking, the Canadian Imperial Bank of Commerce's investment division, spearheaded the $35 million investment, which was intended to strengthen SpyCloud's cybersecurity solutions.

Established in 2016, SpyCloud focuses on identifying compromised staff login credentials and safeguarding customer accounts via its platform. Through the collection and conversion of data from breaches, malware-infected devices, and dark web sources into actionable insights, the firm proactively inhibits attackers' ability to profit from stolen information.

With the additional funds, SpyCloud plans to keep developing its automated solutions, improving defenses against ransomware, losses due to consumer fraud, and cybercrime investigations. The software can identify stolen cookies that hackers may use for session jacking, uncover various sorts of leaked login credentials, and determine whether employee passwords connected to internal supply chain apps are on the dark web.

Numerous services, such as Active Directory, Okta Inc., Tines Inc., Splunk Inc., Microsoft Sentinel, Palo Alto Networks Cortex XSOAR, and other identity response and orchestration technologies, are integrated with the company's products.

With noteworthy clients including Canva Pty Ltd., Intuit Mailchimp, LendingTree LLC, Atlassian Corp. PLC, Uber Technologies Inc., Zscaler Inc., and Samsonite International S.A., SpyCloud has seen remarkable growth and now serves half of the Fortune 10 organizations.

Co-founder and CEO of SpyCloud Ted Ross stated, "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." "Our goal has always been to develop automated solutions to fight cybercrime, and the funding from CIBC Innovation Banking will enable us to keep developing and expanding."

In the past, SpyCloud has received money through a number of fundraising rounds to develop its platform and capabilities, securing its place as a market leader in cybersecurity.