- Bot and online fraud mitigation company Shape Security announced it has raised $51 million in funding led by C5 Capital
Shape Security — a leading platform for bot and online fraud mitigation for the world’s largest companies — announced it has raised $51 million in funding led by C5 Capital with a pre-money valuation of $1 billion. Kleiner Perkins, HPE Growth, Norwest Ventures Partners, Focus Ventures, JetBlue Technology Ventures, Top Tier Capital Partners, and EPIC Ventures also joined this round. Including this round of funding, Shape Security has raised $173 million.
What does Shape Security do? Shape Security uses artificial intelligence-based automation and fraud detection capabilities to distinguish between human and automated traffic and defend some of the largest enterprises against cybersecurity initiated fraud against their online applications. Shape Security also invented the first botwall in 2011.
“This investment will help us scale our international operations and fuel our AI development. Our new and returning investors, coupled with our continued track record of growth, underscore our vision to protect all enterprises from fraudulent Internet transactions,” said Shape Security co-founder and CEO Derek Smith.
The funding comes on the heels of Shape planning an international expansion. And C5 is going to leverage its network and experience in helping companies develop internationally to support Shape’s growth beyond the North American market and particularly in Europe where cyberfraud awareness remains lower than in the US.
Shape protects more than half of all online banking in North America as well as global brands across retail, telecommunications, government, travel and hospitality, insurance, and healthcare industries. As the world leader in online fraud prevention, Shape protects more accounts from fraud than all other providers in the space combined and its technology detects and blocks up to 2 billion fraudulent or unwanted transactions every day while keeping 200 million legitimate human logins and other interactions safe. Shape’s mobile SDK is deployed on more than 200 million iOS and Android devices worldwide.
“We are delighted to have led this funding round and excited by our investment in Shape which has established itself as the leading online fraud prevention platform. C5 will use its considerable experience in helping companies expand globally to support Shape as it targets international growth beyond its still fast-growing North American market,” added C5 Capital managing partner Andre Pienaar.
