Spur Intelligence raises $200m from Insight Partners
Spur Intelligence has closed a $200 million investment from Insight Partners, the New York-based software-focused growth investor with over $90 billion in assets under management. The Lake Mary, Florida company sells infrastructure-aware IP intelligence to security and fraud teams, helping them identify when network connections are being deliberately obscured through VPNs, residential proxies or bot networks.
The company said the capital will be deployed across product development, intelligence coverage, integrations and enterprise operations. No post-money valuation or revenue figures were disclosed. Co-founders Riley Kilmer and Ethan Smith will remain with the business, and chief executive Kevin Hickey cited Insight's track record of scaling software companies as a key factor in choosing the investor.
The deal
Insight managing director Thomas Krane said organisations face a growing blind spot: they can observe activity on their networks, but often cannot attribute it to underlying infrastructure. "Spur is uniquely positioned to solve that problem," he said, pointing to the company's intelligence layer for determining the true origin of internet traffic.
Spur's platform surfaces intelligence through APIs, data feeds, session enrichment and workflow integrations aimed at real-time decisioning. The company claims its attribution methodology is grounded in continuous observation of anonymising infrastructure, a process it argues AI-generated models cannot replicate. Spur's own 2026 IP Intelligence Study found that 94% of organisations had encountered anonymising VPNs or residential proxies in security incidents, and that nearly half planned to purchase or upgrade a commercial IP intelligence solution within twelve months. The study was produced by Spur and has not been independently verified.
Market context
The IP intelligence market sits at the intersection of fraud prevention and network security, two categories that have attracted heavy investment over the past three years. The proliferation of commercially available residential proxy networks, which route traffic through ordinary consumer IP addresses to evade detection, has materially raised the difficulty of distinguishing legitimate users from automated or fraudulent actors. This pressure is felt acutely in e-commerce, financial services, digital advertising and government platforms.
Spur competes in a space that includes fraud-intelligence vendors, threat-intelligence platforms and specialised proxy-detection providers. Larger security platforms from established vendors increasingly bundle some degree of IP reputation data, creating a competitive dynamic where specialist accuracy is the primary differentiator for dedicated players such as Spur. The company's positioning around infrastructure-level attribution, rather than simple IP reputation scoring, is its claimed edge, though the durability of that advantage will depend on how quickly larger platforms invest in comparable telemetry.
Regulatory and compliance read-across
IP intelligence tools used in fraud and security workflows are increasingly subject to scrutiny under data-protection frameworks. GDPR in Europe and equivalent state-level privacy laws in the US place constraints on how network behaviour data can be collected, retained and processed, particularly when it can be linked to individuals. Vendors in this space commonly pursue SOC 2 Type II certification and engage with frameworks such as ISO 27001 to demonstrate data-handling rigour to enterprise buyers.
Insight Partners has backed more than 900 companies globally and has seen over 55 portfolio companies reach IPO. For Spur, the immediate milestones will be expanding its enterprise customer base and broadening integrations with security operations and fraud platforms, where buyers typically require demonstrable accuracy benchmarks before committing to long-term contracts.