Cyber insurer SecondSight has exited stealth with the launch of its AI-driven platform and an oversubscribed $3m seed round.
The funding round was led by Tim Crown, co-founder of Insight Enterprises, with participation from Indiana Ventures, Cook Ventures, and Flywheel Fund, among other investors.
SecondSight is an AI-driven platform that brings telematics to digital risk. With a rapidly growing customer roster, SecondSight said it expects the new funding to accelerate market adoption and impact to the cyber insurance industry.
With its platform for ‘inside-out’ underwriting, SecondSight said businesses and cyber insurance providers can see the true digital risk with complete clarity, enabling cyber insurance providers to be able to quantify risk severity based on the digital assets and liabilities of an organisation.
SecondSight’s platform autonomously discovers, classifies and analyses an organisation’s entire landscape of digital assets, the unique risk profile for each digital asset across thousands of different risk factors, and the real business costs that would be incurred if a digital asset was compromised.
The company said it aims to go both broader and deeper than external risk control audits to inventory and classify all digital assets, analyse thousands of facets of risk, and calculate dollarized impact.
Reuben Vandeventer, CEO and founder of SecondSight, said, “The cyber insurance gap is growing and the underwriting process for cyber insurance is getting increasingly more technical and time-consuming as requirements for getting coverage increase in complexity.
“SecondSight was created to help businesses make sense of their digital assets — and find the true digital risk and value in them. Before SecondSight, the marketplace has had a million different viewpoints on cybersecurity and digital risk.”
Earlier this year, Majesco, a provider of cloud insurance software solutions for insurance business transformation, partnered with CyberCube to support growing demand for cyber insurance products.
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