Shape Security raises $40 Million In Series C Funding.
Shape Security has just recently announced that they have managed to raise around $40 Million in a Series C funding with the help of Norwest Venture Partners, allowing them to continue on with their goal of creating a whole new defense for the web. Sometime last month Shape Security had decide to come out of stealth mode, just to unveil their products, The ShapeShifter, which will be used to defend any enterprise against any form of cyber attack. The company is planning to use their newly acquired fund to increase the capabilities of its polymorphic defense system and to continue spreading its product into the worldwide market.
Besides Norwest Ventures Partners, joining in on the investment was Sierra Ventures, Venrock, Google Ventures, Allegis Capital, Kleiner Perkins Caufield & Byers, and Executive Chairman Eric Schmidt’s Tomorrow Ventures, where involved during this round.
“Shape is introducing something completely revolutionary to defendagainst all types of automated attacks that have been the cause ofmany high-profile breaches in the last year. The company is changingthe economics of web hacking by making it harder for cybercriminalsto complete their missions,” said Promod Haque, senior managingpartner at NVP. “With Shape’s experienced leadership team and itsinnovative technology, the economic and social impact they will haveon the fight against cyber crime is evident and Norwest VenturePartners is excited to be a part of this movement.”
NVP was one of the early investors for FireEye, who have recently managed to acquire Mandiant. Soucefire was invested by Sierra themselves, which lead into them being acquired by Cisco sometime in 2013. Shape has manage to raise $26 million in during there Series A and B funding, which has totaled up the amount of around $66 million in capital.
“Shape’s technology is disruptive to the entire cybersecuritymarket,” said Tim Guleri, managing director of Sierra Ventures. “Bypreventing the automation which enables malware to function, Shape isable to effectively do with a single technology what others cannot dowith a dozen products.”