Shape Security Secures $40 Million

MOUNTAIN VIEW — Shape Security, a provider of advanced security technology for web and mobile applications, has received a strategic investment from Hewlett Packard Pathfinder, the Hewlett Packard Enterprise (HPE) venture investment and partnership program, to close a $40 million Series D round of funding. New and existing investors participating in the round include EDBI, Baseline Ventures, Kleiner Perkins Caufield & Byers, NVP, Venrock, Google Ventures, Eric Schmidt, and Northern Light Ventures.

This round brings Shape’s total funding to date at $106 million.

Shape said it has prevented more than $1.1 billion in fraud losses for its Fortune 500 and government customers. Shape is deployed as the primary line of application defense on all customer transactions for two of the top 10 airlines in the world, the world’s largest hotel company, the world’s largest bank, one of the top 10 retailers in the world, and one of the largest U.S. government agencies. Shape’s mobile solution, formally launched in January of 2016, now protects more than 20 percent of all in-store mobile payments worldwide.

The latest investment comes as Shape continues to build on strong customer traction and looks to expand sales throughout the U.S. and internationally. The company will accelerate its growth in the APAC region specifically, with new equity from Singapore-based EDBI. Shape’s participation in the Hewlett Packard Pathfinder program includes a strategic sales partnership agreement whereby HPE will offer the Shape solution to its customers worldwide to help them better protect themselves from automated attacks across platforms.

“Shape’s innovative technology has proven to offer highly effective defense against automated attacks from advanced cybercriminals,” said Lak Ananth, Managing Director of Hewlett Packard Pathfinder. “We are very excited to partner with Shape to bring HPE customers best-in-class application defense and help Shape accelerate its business to enterprise scale.”

“Shape in partnership with HPE offers enterprise customers worldwide the best defense against automated attacks on their critical web and mobile applications,” said Derek Smith, CEO of Shape Security. “We change the economics of cyber attacks, shifting the cost burden from the enterprise to the attacker, by making it economically unattractive to launch automated attacks against our Global 2000 customers.”