Welcome to Spotlight on Dynamism, where we shine a light on CEOs and companies at the intersection of innovation and national interest. Covering sectors from defense to public safety and supply chain, we delve into the stories of mission-driven leaders committed to civic responsibility, whose ventures not only cross verticals but also redefine business models in their quest to address critical national challenges.
This month, we turn our focus to Ted Ross of SpyCloud and Mimi Keshani of Hadean, visionaries harnessing technology to ensure safety and innovation in both cybersecurity and distributed computing. SpyCloud employs its advanced identity threat protection solutions powered by the world's largest recaptured darknet data repository into actionable insights, significantly enhancing the ability of businesses and government agencies to prevent ransomware and account takeover attacks, thereby safeguarding identities and critical infrastructure. Meanwhile, Hadean is revolutionizing scalable computing with its distributed cloud platform, enabling unprecedented scale and fidelity for web 3.0 applications and the metaverse, promising to bridge physical and virtual worlds with transformative impact.
In a rapidly changing world where challenges are multifaceted, SpyCloud and Hadean exemplify the use of cutting-edge technology to navigate uncertainty and ensure progress and security at home and abroad. These companies are not just innovators, but rather essential components in shaping our future.
Please read our full interviews with Ted and Mimi below.
SpyCloud, headquartered in Austin, Texas, is redefining the cybersecurity landscape by focusing on identity threat protection through the use of recaptured darknet data and advanced analytics. This innovative method allows SpyCloud to effectively combat cybercrime, providing robust defenses against identity-based threats such as ransomware, account takeover, and online fraud.
Ted Ross
Co-Founder and CEO
“If we could collect, curate, and act on the same data criminals are using – but faster – we could preempt attacks and disrupt their operations entirely. This idea is central to SpyCloud: disrupting cybercrime early by stopping threats from gaining traction. It’s a concept that has transformed how we approach cybersecurity.”
Hadean, headquartered in London, England, is a technology disruptor specializing in artificial intelligence, synthetics, and spatial data solutions. Hadean’s synthetic environments bridge physical and virtual worlds to provide deeper situational understanding and smarter decision-making capabilities. Customers include the UK MoD, BAE Systems, Deloitte, Moody’s, and Microsoft.
Mimi Keshani
Co-Founder and Chief Strategy Officer
“One of the big turning points for us in the defense and national security space was landing an enterprise deal with CAE for a NATO use case. This explored war gaming of evacuation scenarios in Estonia – especially relevant in early 2022 and beyond. That partnership was a game-changer for us.”
Ted Ross, Co-Founder and CEO
Ted Ross is a 30-year veteran in the network and security industries. His career began in the U.S. Air Force, after which he was Director of Network Engineering at West Corp, Strategy Architect at Walmart, Executive Technology Director at TippingPoint, and VP of the Office of Advanced Technology at HP. At HP, he created a new team and built the threat intelligence practice from the ground up. This team created reports on nation-state threat groups that, at the time of publication, were considered to be the most comprehensive reports on select adversarial nations’ cyber capabilities. After HP, Ted led Exodus Intelligence as CEO. In 2016, Ted launched SpyCloud as CEO and Co-Founder. Over the past nine years Ted has led SpyCloud through the expansion of its enterprise protection, consumer risk protection, and cybercrime investigation solutions, which are used by 600+ market leaders across every industry.
- Hometown: Austin, Texas
- University: Texas Tech University
- Book Recommendation: Digital Fortress by Dan Brown
Lazard: Can you share the journey that led you to found SpyCloud?
TR: I’ve been in the cybersecurity industry since the ’90s, when security was simpler — firewalls and antivirus software were the focus. As cybercrime evolved, so did my career. In 2004, I joined TippingPoint (later acquired by HP) where I had the privilege of building a threat intelligence team from scratch, eventually profiling nation-state threat actors and uncovering gaps in existing solutions.
With the power of HP behind me allowed me, I was able to perform a gap analysis across all threat intel vendors which revealed clear shortcomings. One insight stood out: if one can collect compromised data at the same speed as the criminals but then curate that data faster than the criminals, then it's possible to preempt attacks and disrupt their operations entirely. Unfortunately at the time, the potential of this concept was lost on most - thinking that it would be extremely difficult to accomplish.
Leaving HP to chase this vision meant walking away from a stable, high-paying job and taking significant financial risks. Nearly nine years later, I couldn’t be happier with that decision. SpyCloud has grown far beyond what I imagined. Building solutions that stay one step ahead of cybercriminals is incredibly rewarding.
Lazard: What is the technology that SpyCloud is developing? What is SpyCloud’s mission?
TR: SpyCloud’s mission is to disrupt cybercrime at its core and make the internet safer by stopping cyber threats early in the kill chain. By safeguarding digital assets, SpyCloud enables businesses and individuals to focus on their priorities without the complexities of cyber management.
To achieve this, SpyCloud develops advanced cybersecurity technologies focused on identity threat protection. Our platform analyzes recaptured data from breaches, malware-infected devices, successful phishes and dark web sources to detect and mitigate risks like compromised credentials, session hijacking, fraud, and other forms of cybercrime.
We run this data through an analytics process and certain data science techniques (similar to what criminals use) to identify identity exposures and various threats. We then automate the remediation of those exposures at scale. Key features include identifying compromised employee credentials and compromised session tokens/cookies, which allow attackers to bypass the login process altogether. SpyCloud also protects consumer accounts from fraud, either directly or through product integrations.
“By intervening before attacks can occur, SpyCloud ensures businesses stay ahead of cybercriminals while minimizing operational burden — and that’s critical in today’s cybersecurity landscape.”
Lazard: What are some of the most common challenges your customers face, and how does SpyCloud address these challenges?
TR: One of the biggest challenges businesses face today is the widespread risk created by compromised authentication data like passwords, passkeys and session cookies. This exposed data can be used by criminals in creative ways such as bypassing the normal login process, bypassing MFA and simply restoring sessions on the criminals device (authentication bypass) or by running old passwords through tools that will help criminals guess the current password! These weaknesses, combined with phishing and ransomware threats, create persistent threats that are difficult to manage at scale.
SpyCloud addresses these challenges by proactively detecting and neutralizing compromised credentials, all possible variations of the credentials, stolen session cookies and other exposed identity data. Using advanced analytics and automation, we invalidate exposed credentials harvested from malware-infected devices and phishing attacks and intervene early in the kill chain to prevent escalation. Additionally, SpyCloud integrates seamlessly with tools like Active Directory, Falcon, Splunk, Defender, and AIM solutions to help enterprises automate their defenses and disrupt attackers’ ability to profit from stolen information. By intervening before attacks can occur, SpyCloud ensures businesses stay ahead of cybercriminals while minimizing operational burden – and that’s critical in today’s cybersecurity landscape.
Lazard: How does SpyCloud tailor its solutions to address the distinct needs of commercial enterprises compared to government agencies?
TR: SpyCloud's identity threat protection solutions are designed to meet the needs of both commercial enterprises and government agencies, with core technologies applicable across sectors to ensure strong protection against cyber threats.
For commercial clients, SpyCloud provides employee- and consumer-focused solutions that safeguard an organization’s users, shoring up their internal defenses from both negligent or malicious insider threats and turning cybersecurity into a market-facing asset. For enterprises with dedicated threat teams, we offer advanced investigation tools that facilitate tracking and dismantling of cyber threats and threat actors, often collaborating directly with law enforcement to act upon the results.
For government agencies, SpyCloud provides underground identity data that is not available via traditional OSINT circles. This data can be a mission critical for intelligence operations and national security. Our solutions ensure secure access to critical intelligence – giving agencies the resources they need to conduct high-priority investigations and disrupt cybercrime in new ways.
“The true breakthrough for SpyCloud has been the explosion of digital identities – accelerated by COVID and the move to remote or hybrid work. With employees managing hundreds of interconnected digital identities across personal and professional accounts, exposed authentication assets and compromised devices have become a board level topic.”
Lazard: Was there a pivotal moment or breakthrough in technology or partnership that significantly accelerated SpyCloud’s growth?
TR: Our strategic partnerships with security-focused alliance partners have been instrumental in SpyCloud's growth. Many companies white-label our technology to support solutions like dark web monitoring, making our data a key component of their products and driving our expansion through this unique go-to-market approach.
That said, the true breakthrough for SpyCloud has been the explosion of digital identities – accelerated by COVID and the move to remote or hybrid work. With employees managing hundreds of interconnected digital identities across personal and professional accounts, exposures such as reused passwords and compromised devices have multiplied. SpyCloud’s analytic capabilities allow us to understand one's holistic identity by connecting these data points – work emails, personal emails, legacy identities, etc – making our solution very unique. This focus on holistic digital identity protection has positioned us as a leader in a rapidly growing space. The shift toward interconnected ecosystems isn’t slowing down, and SpyCloud is perfectly positioned to stay ahead of the curve, protecting identities on a global scale.
“SpyCloud enabled a major corporation with 10 million daily logins to detect 11,000 exposed authentications per hour, triggering step up authentication to prevent account takeovers – delivering significant fraud prevention, enhanced user trust, and measurable ROI.”
Lazard: Could you share a standout success story or case study that exemplifies the value SpyCloud brings to its customers?
TR: While I can’t disclose names, two examples highlight the impact of SpyCloud’s solutions.
In one instance, an employee’s personal device, shared with a family member, was infected with malware. The infection exposed credentials used to access the company’s systems. SpyCloud detected and neutralized the risk automatically before any damage occurred, showcasing how our technology protects against exposures arising from personal-professional overlap.
In another case, a major corporation with 10 million daily consumer logins integrated our technology to detect 11,000 exposed credentials every hour. Each flagged instance triggered a “Step-Up” authentication process, adding an extra layer of security to prevent account takeovers. This resulted in significant fraud prevention, enhanced user trust, and strong ROI.
These are just two examples – we have countless stories like this. SpyCloud’s solutions have become critical to protecting the digital identities of some of the world’s largest organizations and their customers.
Lazard: Looking ahead, where do you see SpyCloud in the next five to 10 years? Are there specific milestones or goals you're aiming to achieve?
TR: SpyCloud’s foundation is built on the world’s most respected and comprehensive collection of recaptured data. Over the next five years our focus is to continue scaling that advantage – organically and with strategic intent.
Our data is unmatched in both scale and quality, and as we layer in advanced analytics, data science, and now AI, the outcomes we can generate will evolve to predictive prevention. This puts us in a powerful position to help customers stop fraud before it starts, even as adversaries shift their tactics, techniques, and procedures.
Our ability to adapt quickly, backed by an extraordinarily defendable data asset and a culture of continuous innovation, means we can stay ahead of emerging threats in ways no one else can.
Our long-term milestones are centered on deepening the value we deliver to our customers: expanding our footprint in fraud prevention, building next-generation risk analytics capabilities, and increasing the speed and sophistication with which we respond to cybercriminal behavior. We’re reshaping how the industry fights identity-based attacks.
Lazard: What does the cybersecurity market of the future look like and what do you think will be the key catalysts to its development?
TR: The cybersecurity market of the future will be defined by speed, precision, and integration. As identity becomes the primary attack surface – from consumer fraud to ransomware to nation-state espionage – the need to proactively protect digital identities will eclipse reactive models focused solely on containment and recovery.
Key catalysts for this shift include:
- Government-Led Cyber Defense Initiatives
An increasingly aggressive geopolitical environment, paired with the rise of asymmetric cyber warfare, is accelerating government investment in cyber readiness. We expect continued growth in public-private partnerships, particularly with companies that offer unique data capabilities and demonstrable value in disrupting adversary infrastructure.
- Data as a Strategic Weapon
The market is moving beyond security products and into intelligence-led security outcomes. Organizations that own rare, high-fidelity datasets, like SpyCloud, will be positioned to fuel a new generation of cybersecurity platforms that act preemptively rather than reactively.
- AI and Analytics as Force Multipliers
Artificial intelligence and data science will continue to compress the time between detection and action. However, their effectiveness is entirely dependent on the quality and uniqueness of the data they’re applied to. That’s where SpyCloud’s moat lies: in a proprietary, recaptured dataset that offers unmatched visibility into criminal behavior.
- Convergence of Cybersecurity Ecosystems
We’re seeing growing interdependence across cybersecurity categories – EDR, ITDR, ASM, fraud prevention – many of which are powered by SpyCloud data today. As the stack consolidates, foundational data providers like SpyCloud will become critical infrastructure across multiple layers of defense.
In a future defined by speed and sophistication of both attack and response, SpyCloud’s differentiated access to adversary data – and our ability to translate it into operational outcomes – will make us an indispensable ally in the fight against cybercrime.
Mimi Keshani, Co-Founder and Chief Strategy Officer
Mimi oversees our corporate development, focused on how we grow Hadean exponentially through key strategic deals, partnerships, and funding opportunities. Mimi was instrumental in early proofs-of-concept for Hadean’s technology - publishing work on protein-protein interactions and COVID-19 pandemic modelling, as well running our world record breaking EVE Aether Wars demos with CCP Games. Before Hadean, Mimi worked in several early stage software startups and studied Nanoscience at UCL and the University of Cambridge, working with Nokia on graphene-based flexible electronics for her research.
- Hometown: London
- University: UCL and University of Cambridge
- Book Recommendation: Agent Zo by Clare Mulley
Lazard: What is Hadean? How has it evolved since you started?
MK: When we first started Hadean, our vision was ambitious: we set out to reinvent distributed computing at its core, right at the operating system level. But as we got deeper into that mission, we realized something important – getting people to leave behind familiar systems like Windows for a new cloud-based solution is no small feat. So, we shifted gears and focused higher up the stack, developing scalable, repeatable applications that could make our technology truly impactful.
Our first big win actually came during an internal hackathon. A junior engineer created a spatial simulation engine, almost by accident, which opened up a whole new world for us in cloud gaming – a hot and growing space at the time. That unexpected breakthrough put us firmly on the map in gaming, and we never looked back. For instance, we broke world records alongside CCP Games (the creators of EVE Online), hosting the largest-ever concurrent player event. And we formed long-term partnerships with industry giants like Minecraft, Sony, and Epic Games. We even took a dive into Web3, teaming up with Yuga Labs to build Metaverse worlds tied to the Bored Ape Yacht Club NFTs. It was an exciting period of innovation where we got to push technological boundaries with our spatial computing platform. But as with any journey, there were challenges too – notably in monetizing our gaming-focused work.
Then COVID-19 hit, and things took a surprising turn. Suddenly, the world was asking different kinds of questions – ones we realized our tech could help answer. We jumped into decision support and predictive modeling, using our platform to simulate the virus’s behavior, both within lungs and across populations. Collaborating with groups like the Francis Crick Institute, we helped tackle critical questions about lockdown strategies. It was during this time that we started to see just how versatile our technology could be, expanding beyond gaming to solve tough real-world problems.
That pivot opened the door to entirely new opportunities, particularly in defense and national security. It wasn’t a space we initially had on our radar, but it quickly became clear that our ability to model complex systems – like infrastructure protection and real-time scenarios – was incredibly valuable. These projects underscored what we believe is core to Hadean: adapting, innovating, and solving meaningful problems that matter.
Lazard: Is there a specific investor or customer that stands out as contributing to Hadean’s success?
MK: One of the big turning points for us in the defense and national security space was landing an enterprise deal with CAE for a technology demonstrator we built for a NATO use case. This project explored war gaming of evacuation scenarios in Estonia – a topic that became especially relevant in early 2022 and beyond. That partnership was a game-changer for us and really laid the foundation for our entry into the defense market. Building on that momentum, we secured another milestone deal with BAE Systems to play a key role in Project Odyssey, their Live, Virtual, Constructive (LVC) training and wargaming platform. What made this project so exciting was that it marked a big shift in BAE's business model, moving toward selling software platforms – and we got to be a core part of making that happen. These deals didn’t just give us a foothold in defense; they solidified our reputation as a go-to partner for tackling complex challenges with innovative solutions.
On the investment side, our journey has been just as dynamic as our market focus. Early on, when we were more gaming-centric, we had incredible support from investors like Epic Games, Molten Ventures, and Aster Capital.
They were instrumental in helping us grow in that space. Having strong operators like Matt Clifford and Jerome Joaug on our board made a world of difference in those early phases, giving us the guidance we needed to scale. But as we started leaning into defense and enterprise solutions, we brought on investors who specialized in those areas, like NSSIFF, IQT, and Ericsson. These partnerships weren’t always about writing big checks but more about the strategic guidance and networks they brought to the table. Their long-term support has been a huge factor in driving innovation and setting us up for sustainable growth.
“That said, our core focus hasn’t wavered: we’re still all about helping organizations prepare for uncertainty by creating digital twins of physical operating environments.”
Lazard: So, you started in gaming and transitioned into serving the Defense industry. Would you consider yourself still dual use?
MK: While we’ve stepped away from the gaming and entertainment space, we see ourselves as a dual-use technology provider, with our work spanning both defense and enterprise applications. Back in the day, we were more focused on business-to-consumer (B2C) or business-to-business-to-consumer (B2B2C) markets through our gaming projects. But these days, we’re all about business-to-business and business-to-government solutions, building tools for traditional enterprise and defense customers. That said, our core focus hasn’t wavered: we’re still all about helping organizations prepare for uncertainty by creating digital twins of physical operating environments. It’s all about giving teams the power to make decisions “at the speed of relevance,” using data-driven insights to adapt quickly when the unexpected happens.
One project that really shows this shift is our collaboration with Moody’s Analytics. Moody’s is known for its massive datasets – spanning everything from company ownership and sanction risks to climate prediction models. We’ve been working with them to integrate all that data into simulation tools that support planning and operations. For example, let’s say a climate event is on the way.
By using our tech, stakeholders can simulate its potential impact on supply chains, infrastructure, and knock-on effects across regions. This means they can explore second- and third-order impacts in a virtual environment and figure out the best course of action ahead of time. It's so much more cost-effective – and less risky – than reacting in real time to the physical event.
What’s exciting is that the same capabilities apply just as effectively to defense scenarios as they do to enterprise challenges. It’s a big part of how we’re leaning into our dual-use strategy: helping our partners make informed, timely decisions in complex and unpredictable situations, no matter the domain.
“Each of these customers relies on Hadean to create dynamic digital twins – realistic virtual environments that account for everything from weather and human behavior to supply chains and infrastructure.”
Lazard: What customers do you serve? Any key learnings trying to penetrate those different markets?
MK: At Hadean, we help our customers navigate uncertainty and make smarter decisions with powerful simulation technology. Our work spans two key areas:, enterprise, and defense.
For enterprises, our tools allow them to model a wide range of risks, helping them prepare for the unpredictable. Large corporations use our simulations to untangle the complexities of global supply chains and plan effectively in scenarios where historical data falls short. In defense and national security, our technology enables military and security teams to plan faster and more precisely, creating realistic scenarios for high-stakes decisions.
The common thread? Each of these customers relies on Hadean to create dynamic digital twins – realistic virtual environments that account for everything from weather and human behavior to supply chains and infrastructure. By simulating these complex systems, we empower them to plan, adapt, and respond with confidence.
As we’ve grown across industries, we’ve balanced flexibility with focus. While customer collaboration often uncovers exciting new use cases, we stay anchored to a clear platform roadmap, ensuring our solutions continually evolve without losing sight of our core mission. We also take a two-pronged approach to new ideas: quickly delivering short-term projects while feeding longer-term insights back into platform development.
Ultimately, our goal is simple – whether it’s offering enterprises clarity on risk, helping governments adapt to disruption, or supporting defense teams under pressure, we aim to provide the tools they need to make better decisions, faster.
Lazard: Are there any customer use cases or case studies that you are particularly excited about?
MK: Hadean’s technology is making waves in defense through major collaborations with the UK MOD, U.S. Department of Defense (DoD) and BAE Systems. With the UK MOD, we’re enhancing virtual training environments by simulating realistic human behaviors and social dynamics, helping trainees better understand complex scenarios like collateral damage mitigation.
In partnership with BAE on Project Odyssey, we’re powering their Live, Virtual, Constructive (LVC) training and war gaming platform. BAE has been a standout partner, supporting us through their Falcon Works initiative and showcasing our work across industry events, media, and beyond. This collaboration began when BAE saw potential in our space game, and quickly grew into a partnership that combines our technology with their resources to tackle real-world challenges.
These projects highlight how we’re transforming virtual environments into precise tools for training, decision-making, and operational planning.
Lazard: Are there any specific milestones you are looking to hit in the near future?
MK: Big things are on the horizon for Hadean as we gear up to move from our Series A to a Series B funding round. To get there, we’re focusing on scaling up what’s already working and turning early successes into bigger wins. A big priority is strengthening our presence in the U.S. – building on government collaborations and forming deeper partnerships with organizations there, even as things remain a bit uncertain. At the same time, we’re working to replicate the success we’ve had with the UK Ministry of Defence across other NATO nations, solidifying our position as a trusted defense partner in international markets.
On the enterprise side, we’re doubling down on a few high-impact use cases that really showcase the power of our technology. Our platform is versatile, but honing in on areas with big market potential will help us grow smarter and faster. So, between expanding in the U.S., scaling our defense efforts across NATO, and refining our enterprise focus, we’ve got our sights set on some exciting goals over the next few years – ones that will set us up for continued growth and success as we head into Series B.
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The information herein has been prepared by Lazard based solely upon publicly available information. These materials are preliminary and summary in nature and do not include all of the information that the Company should evaluate in considering a possible transaction. Portions of the information herein may be based upon certain publicly available statements, estimates and forecasts with respect to the anticipated future performance of the Company or other companies described herein. Lazard has relied upon the accuracy and completeness of the publicly available information used in connection with preparation with these materials, and has not assumed any responsibility for any independent verification of such information or any independent valuation or appraisal of any of the assets or liabilities of the Company or any other entity, or concerning solvency or fair value of the Company or any entity. With respect to financial forecasts, Lazard has assumed that they have been responsibly prepared on bases reflecting the best currently available estimates and judgments as to the future financial performance of the relevant entity; we assume no responsibility for and express no view as to such forecasts. Lazard has not had access to financial forecasts prepared by managements of the Company or the other companies described herein in connection with the preparation of these materials, which could be materially different from the forecasts utilized in connection with preparation of these materials. The information set forth herein is based upon economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof, unless indicated otherwise. Nothing herein shall constitute a commitment or undertaking on the part of Lazard or any related party to provide any service. These materials do not constitute tax, accounting, actuarial, legal or other specialist advice, and Lazard shall have no duties or obligations to you in respect of these materials or other advice provided to you, except to the extent specifically set forth in an engagement or other written agreement, if any, that is entered into by Lazard and you.
