Spec Secures $15M Series A Funding, Accelerating Innovation in Fraud Defense

SAN JOSE, Calif., Oct. 18, 2023 /PRNewswire/ -- Spec, a leading cybersecurity firm specializing in advanced fraud detection and defense, is thrilled to announce the successful closure of its $15M Series A funding round, marking a significant milestone in the company's journey. This funding round was led by SignalFire, with participation from Legion Capital, and Rally Ventures.

From its beginnings as a "hello world" prototype during the early days of the pandemic, the Spec platform has advanced to invisibly protect enterprises processing billions in online transactions. Today, Spec's platform scans the entire customer journey, allowing for the identification of all threats and attacks, and then deploys active countermeasures, especially against the AI-powered attack tools that threaten to disrupt online businesses.

This funding round will power Spec's continued growth and innovation. With this new investment, the company is poised to:

• Advanced the Spec platform to deliver increased visibility and control over attack detection and exploit remediation
• Expand its threat labs, the R&D powerhouse that deconstructs the tools and tactics used by modern attackers and develop countermeasures that neutralize their impact
• Co-develop specialized products with partners that resolve the fraud problems that customers cannot fix with single point solutions

"I'm excited about our continued partnership with SignalFire, who led this funding round," said Spec co-founder and CEO Nate Kharrl. "The firm's deep expertise in cybersecurity and AI at enterprise scale is a perfect match for our mission. We're equally grateful for the continued support from Legion Capital and Rally Ventures, whose insights and experience are invaluable."

Kharrl further expressed gratitude to everyone who has been part of Spec's remarkable journey, emphasizing that trust and support forms the very foundation of the company's success. "I'm proud of what this team has accomplished. I'm also grateful for the support of the enterprise customers that helped us grow our platform into what it is today, bolstered by the incredible support and guidance of our board and investors," he said. "We're excited to forge ahead on our mission to protect customer journeys against a landscape of evolving threats."

About Spec: Spec is a leading cybersecurity firm specializing in advanced fraud detection and defense, providing enterprises with unparalleled fraud security solutions. With a commitment to innovation, Spec is dedicated to protecting businesses against emerging threats and security challenges.

For more information, visit www.specprotected.com.

SOURCE SPEC