Spur Intelligence funding reaches $200 million from Insight Partners

Spur Intelligence funding has reached $200 million, with Insight Partners backing the Lake Mary, Florida company to expand its IP intelligence products for security and fraud teams. The deal is notable because Spur is selling network-origin data as a counterweight to behavioral fraud detection, which the company says is under pressure as generative AI makes malicious activity look more like normal user activity.

The company did not disclose a valuation, revenue, or deal terms. According to public filings cited by the company, the round is Spur’s first major institutional financing since it was founded in 2017.

Spur said the new capital will support product development, wider intelligence coverage, more integrations and a larger customer operations function. CEO Kevin Hickey said demand is rising for IP intelligence that helps organizations assess the source and intent of internet traffic, and pointed to Insight Partners’ software-scaling experience as a reason for the raise.

What does Spur Intelligence do?

Spur identifies when internet connections are being masked through infrastructure such as VPNs, residential proxy networks or bot farms, then packages that context for security and fraud teams through APIs, data feeds and session enrichment. The company’s argument is that attackers can use AI to imitate user behavior, but the infrastructure used to route traffic still leaves signals that can be analyzed.

Spur’s 2026 IP Intelligence Study found that 94% of organizations encountered anonymizing VPNs or residential proxies during a security incident in the prior year. The study also found that nearly half of organizations planned to buy or upgrade a commercial IP intelligence product within 12 months.

Spur was started by Riley Kilmer and Ethan Smith, both former software engineers at the U.S. Department of Defense. The company has grown to about 40 employees while building its data set through ongoing observation of anonymizing infrastructure, according to the company.

Who does Spur compete with?

Spur is operating in a crowded security data market. Larger threat intelligence vendors named in the company’s competitive set include Palo Alto Networks and Recorded Future. More direct IP and network-origin data competitors include GreyNoise and MaxMind.

The company’s positioning is narrower than the broad AI security pitches now common in the market: it is betting that attribution of traffic origin can become a higher-value signal as behavior-based systems become easier to fool. That claim still depends on accuracy, coverage and integration into customer workflows, none of which can be fully judged from the funding announcement alone.

The round comes during a strong funding period for cybersecurity startups tied to AI-driven threats and enterprise risk. Recent disclosed deals include Chainguard’s $356 million Series D at a $3.5 billion valuation, Island’s $250 million round at a $5.3 billion valuation, and Abnormal AI’s $250 million raise at a $5.1 billion valuation.

Insight Partners led the round. Thomas Krane, a managing director at the firm, said Spur has built an intelligence layer for understanding the origin of internet traffic and helping fraud and security teams make faster decisions.

The broader market gives investors room to justify large checks. The global cybersecurity market was valued at $245.6 billion in 2024 and is projected to reach $500.7 billion by 2030, according to an SEC filing cited for the forecast. Spur’s next test is whether its network-origin approach can scale against better-funded incumbents and attackers that keep changing the infrastructure they use.

This story draws on original reporting from TechFundingNews.