Shape Round Raises $25 Million Fund Series D, Eyes Chinese Ecommerce Market
Shape Security Inc., the cyber security startup has announced raising $25 million in Series D funding on Wednesday. The funding aims to accelerate deployments of the Shape Botwall Service to customers across the globe.
Addressing many largest enterprises in the world as customers, Shape has raised $91 million in total under the same program. However, inclusion of Beijing based Northern Light Venture Capital in the round blinks sign for expansion of Shape towards China, reports So-Co-IT.
Lead investors in the round are Baseline Ventures, Northern Light and Epic Ventures. They have joined with existing investors to strengthen the round comprising of Kleiner Perkins Caufield & Byers, Venrock, Norwest Venture Partners, Google Ventures, Eric Schmidt's Tomorrow Ventures and other prominent investors, according to a report published in Silicon Valley Business Journal.
Shape has been attracted increasingly since long towards China due to the rise of ecommerce and automated attacks therein. It has also been looking for a partner capable of guiding to penetrate China market and Northern Light appears to be that long desired partner, reports The Wall Street Journal quoting Derek Smith, Chief Executive of cyber security provider.
The cyber security system restricts automated web and mobile application attacks, like credential stuffing, content scraping and application-layer DDoS. The Shape Botwall Service, available in the cloud or on-premises, protects more than 350M accounts on behalf of Fortune 500 organizations.
The Shape Botwall Service for Mobile is now protecting more than 10 million users who make mobile payments regularly. The flagship customer for Shape's mobile API protection product has one of the top 5 largest mobile commerce apps in the world.
Customer list of the Shape round covers global airlines, top US banks, top insurers, major federal government agencies and several largest retailers in the world. Botnets, Shape's security technology protects their web and mobile apps against attacks, like account takeover.
Automated attacks are growing quickly and reportedly account for more than half of all traffic to the login pages of major websites. Shape will use the new funds to scale its security product to other major markets around the globe, but primarily in China.
Automated attacks are growing rapidly and address for more than half of all traffic to the login pages of major websites. In such an alarming situation, Shape Security Inc. approached to form a round of investors and started rendering security services. Wednesday, it has announced raising $25 million in its Series D project. With this fund and under guidance of Beijing based partner Northern Light, Shape is stepping towards World's largest cyber market, China, with its security product.