Trava, an integrated cyber risk management and insurance platform, has netted $3.5m in its seed round.
TDF Ventures served as the lead investor, with contributions also coming from High Alpha Capital and M25.
With the equity infusion, the company plans to invest into data science and machine learning expertise to fuel the development of its insurance analytics platform.
The company will also hire staff across its sales, engineering and customer success teams. Trava is hoping to double its workforce by March 2022.
US-headquartered Trava aims to protect small and medium-sized businesses from potential damage of cyber threats. It integrates assessment, mitigation and insurance into one cyber risk management platform.
The cyber insurance policy protects a business from cyber extortion, social engineering, business interruption, virus transmission and liability implications. Coverage limits range from $100,000 and $10m.
Trava co-founder and CEO Jim Goldman said, “There’s a data gap in the cyber insurance industry. Specifically, there’s a lack of objective cyber risk analysis, which makes it nearly impossible for insurers to accurately predict loss, set premiums, and protect insureds.
“Trava exists to bridge that gap. Thanks to our partners at TDF Ventures, High Alpha Capital, and M25, we can accelerate the creation of an integrated cyber insurance company—one that collects, analyzes, and incorporates cyber risk data to provide better coverage for small and medium-sized businesses.”
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