Shape Security, a provider of bot mitigation and anti-automation, has raised $26m in growth capital.
The round, which means the company has raised of $132m to date, was led by Norwest Venture Partners. JetBlue Technology Ventures and Singtel Innov8 also participated, along with existing investors Kleiner Perkins, Venrock, Baseline Ventures, Allegis Capital, Focus Ventures, Epic Ventures, Raging Capital, and Tomorrow Ventures.
With new capital onboard, Mountain View, California-based Shape plans to use the new funds to accelerate international expansion.
Shape aims to eliminate bots, fraud and unwanted automation for more than 20 percent of the consumer brands in the Fortune 500 while protecting over 100 million legitimate human logins each day.
Its AI platform detects and shuts down automated attacks in real-time. Shape’s platform can distinguish real users from fraudsters even when criminals use manual methods.
Promod Haque, senior Managing Partner at Norwest Venture Partners, noted, “Shape’s technology creates incredible reductions in fraud losses for the Fortune 500. I’ve served on the boards of multiple security companies over the years, including FireEye, and the exceptional growth we’re witnessing at Shape Security and the demand for the company’s products is an extremely positive sign for Shape’s future and the direction of the industry.”
Shape’s aim is to ‘disrupt the economics ‘of cybercrime, making it too expensive for attackers to commit online fraud, while enabling enterprises to more easily identify and transact with genuine customers on their websites and mobile apps. Organisations rely on Shape as their primary line of defense against attacks on their web and mobile applications, including three of the Top 5 US banks, five of the Top 10 global airlines, two of the Top 5 global hotels and two of the Top 5 US government agencies.
The Shape platform, covered by 55 patents, was designed to stop the most dangerous application attacks enabled by cybercriminal fraud tools, including credential stuffing (account takeover), fake account creation, and unauthorized aggregation.
“Criminals spill more than 5 million usernames and passwords every day,” said Sumit Agarwal, Shape Security co-founder & COO. “Criminals then use these credentials to attack large web and mobile applications. We founded Shape to stop these attacks, protecting both users and enterprises from fraud. Our long-term mission is to deliver security that not only prevents attacks, but also improves usability, creating a safer, better internet for all.”
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