US-based online fraud protection software developer Shape Security has attracted $51m of series F funding from investors including JetBlue Technology Ventures, the corporate venturing subsidiary of air carrier JetBlue.
Cybersecurity-focused venture capital firm C5 Capital led the round, which included Kleiner Perkins, Norwest Venture Partners (NVP), Focus Ventures, Epic Ventures, Top Tier Capital Partners and HPE Growth. The cash was raised at a $1bn pre-money valuation
Shape Security develops software tools that protect enterprise clients against online fraud by employing artificial intelligence to differentiate machine-driven attempts to access their web applications from ordinary users.
C5 Capital will lend contacts and expertise to Shape Security as it targets international expansion, particularly in Europe, which it regards as having less cyber fraud awareness than the US.
The round brought Shape’s total funding to $173m and the capital will help it scale its international capacity and fund product development including work on its core AI technology. It aims to go public in the short term, according to CEO Derek Smith.
JetBlue Technology Ventures joined Singtel Innov8, the corporate venturing arm of telecommunications firm Singapore Telecommunications, to help close its last round at $26m in November 2018.
The round was led by Kleiner Perkins Caufield & Byers (KPCB), Kleiner Perkins’ predecessor, and included Venrock, Focus Ventures, Epic Ventures, Baseline Ventures, Allegis Capital, Tomorrow Ventures and Raging Capital.
Shape Security initially raised $5.8m in a 2012 series A round featuring GV, the subsidiary of internet and technology group Alphabet then known as Google Ventures, as well as KPCB, Tomorrow Ventures and Baseline Ventures.
The company added $20m in a 2013 series B round led by Venrock and backed by GV, KPCB, Allegis Capital, Tomorrow Ventures and Enrique Salem, and $40m in a series C round led by NVP that included GV, Sierra Ventures, KPCB, Venrock, Tomorrow Ventures and Allegis Capital the following year.
Shape Security closed a $40m series D round in 2016 featuring GV, Hewlett Packard Pathfinder, which invests on behalf of IT technology provider Hewlett Packard Enterprise, EDBI, Tomorrow Ventures, NVP, Venrock, KPCB, Baseline Ventures, Northern Light Ventures, Epic Ventures and Eric Schmidt.