BOSTON, Oct. 6, 2020 /PRNewswire/ -- NormShield, the cyber risk rating company, announced today the closing of $7.5 million in Series A funding led by Moore Strategic Ventures, LLC (MSV). The financing round also includes participation from existing investors, Glasswing Ventures and Data Point Capital. Since its inception in 2016, NormShield has secured a combined total of $11.1 million in financing.
NormShield is using the funding to expand its go-to-market capabilities and accelerate the development of its technology platform, which is already used by 145 customers in the global financial, healthcare, retail, and technology sectors. The platform fills a fundamental security gap by making it easy for businesses to non-invasively quantify and monitor cyber risk across thousands of third parties, suppliers and partners. NormShield closes this gap with defensible, clear-cut data and minimal false positives.
"The risk of a cyber breach caused by a third party is the single largest blind spot for organizations today. NormShield provides a non-invasive, efficient and cost-effective solution to this problem," said James McIntyre, Senior Managing Director and COO of Moore Strategic Ventures. "The financial scoring provides CISOs with the hard dollar impact to the organization, helping them to 'speak the language' of more financially minded colleagues. We are confident that NormShield's innovative and transparent technology, along with its customer-first approach, will help companies address a critical pain point in the constantly evolving battle against cyber threats."
"We are excited to partner with MSV as we continue to innovate and grow the business," says NormShield CEO, Paul Paget. "Financial investors with broad portfolios need a tool that can help them understand the risk these companies face through third party relationships. MSV can help NormShield as it looks to grow within this vertical."
According to Gartner, "There is an increased focus on the risks associated with the complex ecosystems that are an integral part of digital businesses. It is no longer just about internal security posture, but also the posture of the supply chain, regulators, customers and future business partners."
NormShield markets its system and services directly and via its partner network. Partners expand the ability for NormShield to reach new audiences worldwide that can benefit from valuable security insights and easy-to-understand solutions.
ABOUT MOORE STRATEGIC VENTURES
Moore Strategic Ventures, LLC is the privately held investment company for Louis M. Bacon, Founder and CEO of Moore Capital Management, LP.
NormShield reduces the uncertainty around your cyber risk with a high quality platform that does the work for you. Scalable, all-encompassing, and tailored to identify your problem areas, our platform isn't just another cyber rating tool. It tells you which vendors pose the highest risk to your company without creating more work for you. NormShield is also the only cyber risk rating system that can measure the cost associated with a potential third-party cyber breach, so you can know the risk every organization in your ecosystem poses in dollars and cents.