Shape Security raises $40 million more in VC funding

Summary:The company, which emerged from stealth mode last month with its ShapeShifter appliance, will use the cash to build out its sales team and advance its products.

Shape Security on Tuesday said that it has raised $40 million in venture funding to build out its product line, powered by its ShapeShifter polymorphic security appliance, and sales team.

The funding was led by Norwest Ventures and Sierra Ventures joined. Existing Shape investors Kleiner Perkins Caufield & Byers, Venrock, Google Ventures, Eric Schmidt’s TomorrowVentures and Allegis Capital also participated.

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Last month, Shape emerged from stealth mode with the ShapeShifter launch. In a nutshell, Shape is hoping to derail the economics for cybercrime by making Web sites harder to attack.

Shape Security's approach revolves around disrupting the automation and scale of cybercrime. Cyberattacks have scaled better than the defenses have. By deploying automation via bots and the cloud---think crimeware as a service---hackers can exploit enterprise defenses easily. 

As for Shape's future, Norwest and Sierra have a habit of investing in security companies that are later acquired. Norwest was an investor in FireEye, which acquired Mandiant, and Sierra was a Sourcefire investor. Sourcefire was acquired by Cisco.

The total raised by Shape Security is $66 million.

Topics: Security

About

Larry Dignan is Editor in Chief of ZDNet and SmartPlanet as well as Editorial Director of ZDNet's sister site TechRepublic. He was most recently Executive Editor of News and Blogs at ZDNet. Prior to that he was executive news editor at eWeek and news editor at Baseline. He also served as the East Coast news editor and finance editor at CN... Full Bio

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