Cybersecurity startup Shape Security has finally revealed that they have closed a $40 million funding round, which includes a strategic investment from Hewlett Packard Enterprise’s (HPE) Hewlett Packard Pathfinder program. Shape Security Raises $40 Million
Hewlett Packard Pathfinder closed the Series D round with participation from the investment arm of the Singapore Economic Development Board (EDBI), Baseline Ventures, Kleiner Perkins Caufield & Byers, NVP, Venrock, Google Ventures, Eric Schmidt and Northern Light Ventures. So far, Shape has raised $106 million in total of VC funding to date. The threat intelligence platform space is on pace to exceed $1.5 billion by 2018, according to industry analyst firm IT-Harvest.
“Shape in partnership with HPE offers enterprise customers worldwide the best defense against automated attacks on their critical web and mobile applications,” Shape Security CEO Derek Smith said in a press release. “We change the economics of cyber attacks, shifting the cost burden from the enterprise to the attacker, by making it economically unattractive to launch automated attacks against our Global 2000 customers.”
One of Shape’s core products is ShapeShifter, which serves to make websites and apps prevent automated attacks through constantly changing their source code, making it different each time its viewed to deflect botnets, malware, and rogue scripts. Shape also uses “credential stuffing,” whereby account details garnered from breached accounts are used to gain access to other accounts where people have reused the same passwords; content scraping; Man the in Browser (MitB); and Application DDoS attacks.
Shape has prevented more than $1.1 billion in fraud losses for its customers including Fortune 500 companies and governments. Shape will use their new funding to expedite its growth in the Asia-Pacific region, which partly explains the involvement of EDBI as an investor. Also by participating Hewlett Packard Pathfinder program and their sales partnership with HPE, will now offer Shape’s technology to their global-wide customer base.