Cyber insurance company At-Bay has raised $34m in its Series C round, which brings its total equity raised during 2020 to $74m.
The fresh equity injection was led by Qumra Capital, with contributions also coming from Microsoft’s M12 fund, Acrew Capital, Khosla Ventures, Lightspeed Venture Partners, Munich Re Ventures and entrepreneur Shlomo Kramer.
Capital from the round will enable At-Bay to increase the size of its team, launch new products, build digital collaborations and improve its automated underwriting capabilities.
At-Bay is a cyber insurance platform which actively helps to protect a company from data breeches, cyberattacks, financial fraud, extortion, business interruption and media liability. Continuous vulnerability monitoring is included with the insurance policy, which monitors the perimeter of a company and alerts them of any new vulnerabilities.
This capital investment comes after a strong year of growth for At-Bay, which has seen it grow its premium, number of insureds and total liabilities all by 600% over the past 12 months.
It has also managed to triple its team size and increase its valuation by ten-times.
At-Bay co-founder and CEO Rotem Iram said, “Insurance is now an imperative for businesses to mitigate cyber risk, which is fast becoming the greatest threat they face. At-Bay helps businesses prevent cyber loss before it happens, with an in-house security team continuously monitoring the network of every company in our portfolio, offering actionable insights to strengthen security.
“This modern approach to risk management is not only driving strong demand for our insurance, but also enabling us to improve our products and minimize loss to our insureds.
The InsurTech has raised a total of $74m since it was founded in 2016. At-Bay previously raised $34m in February this year.
Copyright © 2020 FinTech Global
