NormShield, a provider of on-demand cyber risk scorecards for enterprises, has netted $3.5m in its Seed funding round.
The capital injection was led by Glasswing Ventures managing partner Rick Grinnell, whom has previously backed companies including network storage company EqualLogic and Resilient Systems, an incident response platform. Data Point Capital managing partner Mike Majors also supplied capital to the seed investment.
As part of the deal, Rick Grinnell and Mike Majors will both join the NormShield board of directors.
With this new burst of funding, NormShield is looking to scale its supply chain risk monitoring platform, which includes its cyber risk scorecard. In addition to this, the company will look to grow its sales, marketing and engineering teams.
US-based NormShield helps security and compliance teams to monitor their external cyber risk operations and conducts non-intrusive cyber risk assessments of suppliers, subsidiaries and target acquisitions. Its cyber risk scorecards give these teams the vital information they need to evaluate to determine which third-party partners and stakeholders pose the biggest risk, as well as steps to mitigate these.
Businesses can utilise NormShield to better protect themselves by identifying where they are most at risk. Cyber insurers can also use the cyber risk scorecard solution to evaluate a business quickly and offer better policies to the company.
The platform also helps organisations to meet compliance with regulations including NIST 800-53, FISMA, ISO 27001, COBIT and GDPR.
Glasswing Ventures founder and managing partner Rick Grinnell said, of.”We’re pleased to welcome NormShield as the newest member of Glasswing Ventures’ portfolio of innovative cybersecurity and risk management companies.
“Their unique, Machine Learning-based technological approach to discovering and combating security vulnerabilities combined with the company’s strong organic growth performance made them a highly attractive target for investment.”
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