NormShield, provider of comprehensive, on-demand cyber risk scorecards for enterprises, today announced the close of a $3.5 million seed funding round. The company will use the investment to scale its supply chain risk monitoring platform, including its industry-first Rapid Cyber Risk Scorecard service, and build out a world-class sales, marketing and engineering team to support increasing demand.
NormShield's round of venture capital (VC) investment is led by Glasswing Ventures Managing Partner Rick Grinnell. Glasswing Ventures is an early-stage venture capital firm investing in the next generation of AI startups. Grinnell is the investment leader behind high-value portfolio companies EqualLogic (acquired by Dell), Prelert (acquired by Elastic), and Resilient Systems (acquired by IBM). He is joined in this round of funding by Data Point Capital Managing Partner Mike Majors. Majors is the investment leader on such funding rounds as Wurldtech (acquired by GE), LogRhythm (acquired by Thoma Bravo), and Black Duck (acquired by Synopsys). Both Grinnell and Majors have joined the NormShield Board of Directors.
"We're pleased to welcome NormShield as the newest member of Glasswing Ventures' portfolio of innovative cybersecurity and risk management companies," said Rick Grinnell, founder and managing partner of Glasswing Ventures. "Their unique, Machine Learning-based technological approach to discovering and combating security vulnerabilities combined with the company's strong organic growth performance made them a highly attractive target for investment."
Third-party risk has been a notoriously weak link in the enterprise security chain for decades. The more suppliers and partners an organization have, the greater the potential security risk. NormShield's cyber risk scorecards alleviate these concerns by quickly giving security and compliance teams the vital data they need to evaluate which third-party partners and stakeholders present the greatest risk -- and most importantly, actionable steps to mitigate these risks. NormShield enables companies to collaborate with suppliers and third-party partners to monitor and continuously optimize the cyber security posture of their shared ecosystem.
"At Data Point Capital, we invest in companies that understand the key performance indicators to scale their businesses," said Mike Majors, managing partner at Data Point Capital. "NormShield, with its real-time, data-driven vulnerability scorecards, is a strong representation of this principle."
"With the new investment from our highly-respected VC partners, NormShield now has the financial and advisory support to exponentially accelerate what we've been growing organically since 2016," said Mohamoud Jibrell, chief executive officer and co-founder of NormShield. "Our goal in 2019 is to significantly scale the output of our scorecards to support the needs of large financial services companies, retailers, insurance enterprises, global manufacturers and Fortune 1000 organizations who must deal with hundreds, even thousands, of suppliers or third-party partners."
NormShield will be an exhibitor at the 2019 RSA Conference Early Stage Expo, March 4-8 at the Moscone Center in San Francisco. To reserve your one-on-one time with a NormShield expert live at RSA and receive a free, 60-second evaluation of your company's (or a supplier's) security posture, send an email to info@normshield.com.
About NormShield
NormShield enables enterprises to monitor their external cyber risk posture and perform non-intrusive cyber risk assessments of their suppliers, subsidiaries and target acquisitions. Using easy-to-understand scorecards, including its 60-second Rapid Cyber Risk Scorecard, NormShield provides letter grades on various risk categories, along with data on how to mitigate each risk in priority order. NormShield's financial services, manufacturing, retail, healthcare, and technology industry customers receive actionable intelligence delivered as-a-service, enabling them to take prioritized preventive measures and evaluate third-party risk. For more information, visit www.normshield.com.
