Shape Security Raises $20 Million In Funding From Venrock, Google Ventures, Allegis Capital, TomorrowVentures, and Enrique Salem
Shape Security is a web security technology company that has raised $20 million in Series B funding led by Venrock. Other investors that participated in this round include Kleiner Perkins, Allegis Capital, Google Ventures, TomorrowVentures, and former Symantec CEO Enrique Salem. Shape has raised a total of $26 million.
Traditional security companies look at previous malware attacks to prevent future attacks. However Shape Security has developed military-grade technology that requires hackers to spend more time and resources to achieve less. Cybercrime is estimated to hit around $388 billion per year, which means that the security market is still ripe for solutions.
Shape Security is still in stealth mode and they have not been specific publicly about what their web security does. Shape’s platforms work on different sectors and platforms. Shape co-founders include Derek W. Smith (CEO), Justin Call (CTO), and Sumit Agarwal (VP of Product Management). Agarwal is the former Senior Advisor For Cyber Innovation at the U.S. Department of Defense, the former Deputy Assistant Secretary for the Department of Defense, and the former head of mobile product at Google. Shape even recruited former Google “click fraud czar” Shuman Ghosemajumder back in July.
“The rise of botnets and crimeware-as-a-service have led to an untenable situation where websites are now cheap to attack and expensive to defend,” stated Venrock partner Ray Rothrock. “Shape’s technology will alter this balance. It is unlike anything the industry has ever seen before.”