02 Nov Anti-fraud startup Shape Security raises $26M in Series E round to drive global expansion
Tech Crunch | Zack Whittaker | November 1, 2018
Shape Security, a fraud-fighting cybersecurity company, has closed a $26 million round of Series E funding.
This will be the fifth round of funding — more than $130 million — since the Mountain View, Calif.-based company was founded in 2011. This latest round was led by Norwest Venture Partners, Kleiner Perkins, Allegis Capital and others — including JetBlue Ventures and Singtel.
Shape Security said the addition of JetBlue’s investment was because it has benefited first-hand from its fraud-fighting technology.
The company’s primary focus is on preventing imitation attacks — such as when hackers use stolen logins or malware to walk in through the front door. Shape’s enterprise defense technology protects web and mobile apps against automated attacks by utilizing artificial intelligence to differentiate ordinary customers from hackers. Using its massive trove of data, including geolocation and even mouse movements, combined with Shape’s machine learning technology, the company says it can shut down suspicious activity and attacks in real time. The company’s flagship service Blackfish also protects against credential stuffing — where attackers use your stolen credentials to break into other sites.
In total, Shape says it protects 150 million logins each day, and covers one-fifth of the consumer brands in the Fortune 500.
With its $26 million cash injection, Shape said it plans a greater international expansion across the U.K., Europe and the Middle East and Asia to support its growing user base — about half of its customers are located outside of the U.S. And, the company will be bolstering its product development work with new products set to be announced down the pike.
Shape declined to say what it was valued at, but PitchBook puts the company’s valuation now at $495 million.
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