Shape Security Raises $20 Million Series B Funding Led by Venrock to Transform Web Security
MOUNTAIN VIEW, CA, Jan 07, 2013 (MARKETWIRE via COMTEX) --
Shape Security, a startup developing a new type of web security
technology, announced today that it has closed a $20 million Series B
financing round led by Venrock, with additional participants
including Kleiner Perkins Caufield & Byers, Allegis Capital, Google
Ventures, Google Executive Chairman Eric Schmidt's TomorrowVentures
and former Symantec CEO Enrique Salem.
Ray Rothrock, partner at Venrock, has joined the company's board of
directors, which includes Series A investors Ted Schlein, managing
partner at Kleiner Perkins, and Gaurav Garg, special limited partner
at Sequoia Capital and personal investor in Shape.
The new funding brings Shape's total amount raised to $26 million.
The company previously raised a $6 million Series A round in April,
led by Kleiner Perkins. Additional participants in that round
included TomorrowVentures, Google Ventures and Baseline Ventures, as
well as top executives from Dropbox, Facebook, LinkedIn, and Twitter.
"The rise of botnets and crimeware-as-a-service have led to an
untenable situation where websites are now cheap to attack and
expensive to defend," said Rothrock. "Shape's technology will alter
this balance. It is unlike anything the industry has ever seen
The number of large-scale web security incidents has increased
exponentially in the past decade. Symantec estimates the overall
cybercrime market at $388 billion per year. Last month, the FBI took
down a single botnet which alone stole over $850 million.
"Signature and heuristic-based detection have proven unsuccessful in
keeping pace with the complexity of modern web attacks," said Salem.
"I'm excited about Shape's technology because it will allow websites
to deflect attacks automatically, using a far more sophisticated
Over the past year, Shape has recruited several key executives,
including Google's former click fraud czar, Cisco's former VP of
Application Delivery, and Walmart's former chief information security
"Cybersecurity is one of the biggest challenges of our time. Every
week, major corporations that have invested millions in best-practice
security technologies still get hacked," said Derek Smith, Shape
Security CEO. "This doesn't have to be the case. We now have the
opportunity to completely change the economics and efficacy of web
About Shape Security
Based in Mountain View, CA, Shape Security is a
startup developing a new type of security product for modern website
protection. Shape was founded in 2011 by executives from the
Pentagon, Google, and major defense contractors. Visit
shapesecurity.com to learn more.
Katherine Nellums for Shape Security
SOURCE: Shape Security, Inc.
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