NormShield, a Boston, MA-based cyber risk rating company, closed a $7.5m Series A funding.
The round was led by Moore Strategic Ventures, LLC (MSV) with 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.
The company intends to use the funds 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.
Led by CEO Paul Paget, NormShield provides a platform that tells people which vendors pose the highest risk to a given company without creating more work. It also works as a cyber risk rating system that can measure the cost associated with a potential third-party cyber breach, so users can know the risk every organization in their ecosystem poses in terms of costs.
The company markets its system and services directly and via its partner network.