At-Bay, a California based cyber insurance company, has raised $34 million in a Series B funding round for fast tracking development of its cyber security monitoring service and for launching its insurance products.
The Series B round in the cyber insurance provider was led by Acrew Capital and Munich Re Ventures, via its HSB fund.
Khosla Ventures, Lightspeed Venture Partners, and entrepreneur Shlomo Kramer, who are existing investors also took part in the funding round.
At-Bay has now raised a total of $51 million so far following the latest investment.
Rotem Iram – co-founder and CEO of At-Bay said: “The deck is stacked against small business owners, who are on their own to defend their organizations from international crime syndicates and state actors.
“Here at At-Bay, we are building a new kind of insurance company, designed from the ground up to manage the unique risks associated with doing business in the digital age. We are the partner our clients can rely on to navigate cyber risk, completely financially aligned with their business to help them stay secure.”
At-Bay, through its continuous vulnerability monitoring, is said to help businesses handle risk across their technology stack. As part of its insurance policy, the At-Bay security team is said to monitor the perimeter of each portfolio firm to actively notify them of new vulnerabilities.
Last year, the cyber insurance company claims to have helped more than 9,000 firms secure their systems against imminent new attacks, thereby saving client and also insurer avoidable losses.
Mark Kraynak – Founding Partner of Acrew Capital said: “Every company will need cyber insurance to help manage the risks of doing business in the digital age.
“At-Bay has built the leading platform in the space, delivering two new products and rapidly accelerating growth in 2019. We are excited to partner with them to carry that momentum forward.”