Shape Security, an advanced security protection provider for web and mobile applications, said it closed on a $40 million Series D round of funding with a strategic investment from Hewlett-Packard Pathfinder, the Hewlett-Packard Enterprise venture investment and partnership program.
Shape’s involvement with the program will entail a strategic sales partnership agreement. As part of the agreement, Hewlett-Packard Enterprise will offer the Shape’s security solutions to its global client base to instill higher protection against multi-platform, automated attacks.
This marks a new phase for Shape Security as it plans to expand sales throughout the U.S. and internationally. The protection agency will target its growth in the APAC region due to strategic equity from EBDI — the investment branch of Singapore Economic Development Board.
Shape’s clients span numerous sectors such as Fortune 500 companies, top global airlines, leading retailers and one of the largest U.S. government agencies. And for good reason — to date Shape has prevented more than $1.1 billion in fraud losses. As high-level companies expand their digital presence and business tactics, protection is imperative. Automated threats directed toward web and mobile applications of retailers, banks, airlines, government agencies cause daily fraud losses that ranks in the millions of dollars.
The protection agency aims to regularly evolve to stay a step ahead of cyber criminals. “Shape’s innovative technology has proven to offer highly effective defense against automated attacks from advanced cyber criminals,” 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 has distinguished itself as one of the primary defenses against cyber fraud and data breaches for its clients. “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” said Derek Smith, chief executive officer of Shape Security.
Shape Security’s platform is constructed to debunk automated cyber criminal tools such as account takeovers, application DDoS, and unauthorized aggregation among other threats. Shape has protected more than 20 percent of the world’s in-store mobile payments to date.