Total amount raised
$29.2 Millions
Latest funding date
10/01/2023
Location
Spec has successfully raised funds through a Series A round, with notable investors including Legion Capital and Rally Ventures. The platform is designed to protect websites and APIs from fraud, abuse, AI, and bots, utilizing advanced data analytics to ensure security.
Keep reading to explore the intricacies of Spec's fundraising journey and the investors backing this innovative platform.
What Is Spec?
Spec, founded on March 6, 2020, is headquartered in San Jose, California. The company operates in the cloud infrastructure, data integration, enterprise software, fraud detection, SaaS, and security industries. It was founded by Bryce Verdier, Nate Kharrl, and Patrick Chen.
With a team of 11-50 employees, Spec focuses on preventing fraud and AI-powered bots that traditional systems often miss. Their no-code platform analyzes traffic to websites and APIs, providing proactive protection and comprehensive insights from the entire customer journey.
How Much Funding Has Spec Raised?
- Seed Round
- Amount Raised: $4.3M
- Date: May 2021
- Lead Investors: Cyber Mentor Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial prototype and establish the platform's core functionalities.
- Seed Round
- Amount Raised: $4.5M
- Date: August 2022
- Lead Investors: Rally Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the platform's capabilities and expand market reach.
- Venture Round
- Amount Raised: $5.4M
- Date: January 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and improve infrastructure.
- Series A
- Amount Raised: $15M
- Date: October 2023
- Lead Investors: SignalFire
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To advance the platform, expand threat labs, and co-develop specialized products.
Total Amount Raised: $29.2M. Current Valuation: Not publicly disclosed.
Key Investors
- SignalFire
- Details: SignalFire is a venture capital firm known for its deep expertise in cybersecurity and AI at enterprise scale. They led the Series A funding round for Spec.
- Investment Focus Areas: Cybersecurity, AI, enterprise technology
- Notable Investments: Not publicly disclosed
- Rally Ventures
- Details: Rally Ventures is a venture capital firm that participated in multiple funding rounds for Spec. They provide valuable insights and experience to their portfolio companies.
- Investment Focus Areas: Enterprise technology, cybersecurity, early-stage technology companies
- Notable Investments: Not publicly disclosed
- Cyber Mentor Fund
- Details: Cyber Mentor Fund is a venture capital firm that led the initial seed round for Spec. They focus on supporting cybersecurity startups.
- Investment Focus Areas: Cybersecurity, technology startups
- Notable Investments: Not publicly disclosed
- Legion Capital
- Details: Legion Capital participated in the Series A funding round for Spec. They are implied to have an interest in cybersecurity and fraud defense.
- Investment Focus Areas: Technology, cybersecurity
- Notable Investments: Not publicly disclosed
What's Next for Spec?
Spec's future is brimming with opportunities. With $15 million in Series A funding, the company is poised to advance its platform, expand threat labs, and co-develop specialized products. These initiatives aim to provide increased visibility and control over attack detection and exploit remediation, addressing complex fraud problems that single-point solutions cannot fix.
As the cybersecurity landscape evolves, Spec's growth potential is significant. The company is well-positioned for future fundraising rounds, which could further enhance its capabilities and market reach. However, challenges such as keeping up with rapidly evolving cyber threats and maintaining a competitive edge in a crowded market remain.
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