Big corporations have been riddled by security attacks over the past year, and hackers seem to be growing even bolder and more resolute. As a result, market research firm The Radicati Group said that it expects the corporate web security market to grow to $2.5 billion over the next four years. It’s in this climate that a young, stealth startup is trying to put companies back on the offensive, and some notable Silicon Valley investors are buying in.
Shape Security: Kleiner Perkins & Eric Schmidt Lead $6M Round In Stealth Security Startup
Mountain View-based Shape Security is announcing this morning that it has raised $6 million in Series A financing, led by Kleiner Perkins Caufield & Byers and Google Executive Chairman Eric Schmidt’s TomorrowVentures. Accel Partner Peter Wagner, Sequoia Limited Partner Guarav Garg, Vodafone CTO Chris Burke, Baseline Ventures, and unnamed executives at LinkedIn, Twitter, and Facebook also participated in the round.
As a result of the new financing, Kleiner Perkins Managing Partner Ted Schlein and Sequoia’s Guarav Garg will be joining the startup’s board of directors.
Shape Security is still operating in stealth mode, so it’s keeping its cards close to its chest and not sharing many details, but this much is clear: Its goals are ambitious. Shape CEO Derek Smith said that his startup is looking to change the web security paradigm by shifting costs from defenders to hackers. Generally speaking, companies are forced to rely on identifying and classifying malware and botnets attack signatures that have occurred in the past, with the hopes of easily finding and shutting them down in the future.
But sustaining this kind of security requires a lot of human and financial capital, so Shape has developed military-grade technology that doesn’t rely on past attack signatures, and instead forces hackers to “spend more and more to achieve less and less.”