Venture Capital

Cybersecurity Firm Spec Closes $15 Million Round

SAN JOSE — Spec, a leading cybersecurity firm specializing in advanced fraud detection and defense, has closed a $15 million Series A funding round, marking a significant milestone in the company’s journey. The 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 said it plans to:

  • Advance 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.”