US-based cybersecurity startup Shape Security pockets $40M in venture funding

By VCPOST Staff Reporter

Feb 25, 2014 12:00 PM EST

Shape Security announced on Tuesday that it has received $40 million in a venture round for the expansion of its product line and sales force, according to ZDNet.

Norwest Ventures and Sierra Ventures led the funding round. Previous investors Kleiner Perkins Caufield & Byers, Google Ventures, Venrock, Allegis Capital, and TomorrowVentures also contributed to the financing, the report detailed.

In January, Shape came out of its stealth mode with the launching of its ShapeShifter security appliance. Shape hopes to maim the cybercrime industry by tightening security around Web sites and impede its automation and scale. Cyberattackers have been using the cloud, crimeware, and automated bots to penetrate and exploit the web defenses of enterprises, the report explained.

Both Norwest and Sierra are known to invest in security firms that are acquired later on. Norwest invested in FireEye, which Mandiant purchased. Sierra, on the other hand, backed Sourcefire, which Cisco bought later, the report added.

To date, Shape Security has raised a total capital amounting to $66 million, ZDNet reported.

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