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Norwest, Sierra Ventures backs cyber security specialist Shape

25 Feb 2014

computer code softwareVenture capital firm Norwest Venture Partners has led a $40m Series C round for cyber security company Shape Security, whose products include the industry’s first botwall.

Another new investor, Sierra Ventures, and existing backers Kleiner Perkins Caufield & Byers, Venrock, Google Ventures, Google Executive Chairman Eric Schmidt’s TomorrowVentures and Allegis Capital also participated in the round.

Shape said it will use the new funds to enhance the capabilities of its real-time polymorphic defence and build its global sales team.

Last month the company unveiled its flagship product, ShapeShifter, a botwall which defends against major website attacks.

Shape noted that existing technologies try to detect attacks based on how they appeared or behaved in the past, while ShapeShifter turns websites into constantly moving targets, creating a new defence for user interfaces, which disables attacks from malware, botnets and scripts.

Sierra managing director Tim Guleri said, “Shape’s technology is disruptive to the entire cyber security market.

“By preventing the automation which enables malware to function, Shape is able to effectively do with a single technology what others cannot do with a dozen products.”

Back in July 2012 Kleiner Perkins led the company’s Series A round, which was also backed by Google Ventures and Eric Schmidt.

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