NormShield, a cyber risk rating company, has finalised its Series A round on $7.5m to bolster its go-to-market strategy.
Moore Strategic Ventures, a New York-based investment firm, served as the lead investor to the round. Previous NormShield backers Glasswing Ventures and Data Point Capital also contributed to the round.
The capital will be used to extend the RegTech’s go-to-market capabilities and accelerate the development of its technology platform.
Currently, the company has around 145 customers around in world operating in the financial, healthcare, retail and technology sectors.
NormShield is designed to fill the security gap by empowering businesses to non-invasively quantify and monitor cyber risk across third-parties, suppliers and partners. Its technology can identify problem areas and ensure vulnerabilities are fixed to stop third-party cyber breaches.
Moore Strategic Ventures senior managing director and COO James McIntyre said, “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.
“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.”
Since the company was founded in 2016, it has raised a total of $11,1m in funding.
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