Zack Whittaker [https://techcrunch.com/author/zack-whittaker/]
[https://twitter.com/zackwhittaker]/?11:30 pm IST???September 12, 2019
Anti-fraud startupShape Security
[https://crunchbase.com/organization/shape-security]has tipped over the $1
billion valuation mark following its latest Series F round of $51 million.
The Mountain View, Calif.-based company announced the fundraise Thursday,
bringing the total amount of outside investment to $183 million since the
company debuted in 2011.
C5 Capital [https://crunchbase.com/organization/c5-capital]led the round, along
with several other new and returning investors, including Kleiner Perkins, HPE
Growth and Norwest Ventures Partners.
Shape Security protects companies against automated and imitation attacks, which
often employ bots to break into networks using stolen or reused credentials.
Shape uses artificial intelligence to discern bots from ordinary users by
comparing known information such as a user?s location, and collected data, like
mouse movements, to shut down attempted automated logins in real time.
The company said it now protects against two billion fraudulent logins daily.
C5 managing partner Andr? Pienaar said he believes Shape will become the
?definitive? anti-fraud platform for the world?s largest companies.
?While we expect a strong financial return, we also believe that we can bring
Shape?s platform into many of the leading companies in Europe who look to us for
strategic ideas that benefit the entire value-chain where B2C applications are
used,? Pienaar told TechCrunch.
Shape?s chief executive Derek Smith said the $51 million injection will go
toward the company?s international expansion and product development ?
particularly the capabilities of its AI system.
He added that Shape was preparing for an IPO.
Correction: A draft of the company?s funding news said Shape had raised $173
million to date. The company said this was a?typo?and has in fact raised $183