AXA-backed Israeli cyber risk insurtech Sayata Labs attracts $6.5m funding
Insurtech startup Sayata Labs, a provider of risk assessment solution for the cyber insurance industry, has raised $6.5 million in seed funding.
Elron, an Israeli early stage venture capital firm specialising in cyber, led the round. Sayata said the funds will be used to accelerate its global operations in the burgeoning cyber insurance market.
The Tel Aviv-based company, which has already partnered with global insurer AXA, claims to offer insurers and SMBs with AI-based insights that are specifically related to actual cyber losses.
Sayata says its innovative risk assessment technology integrates advanced cybersecurity and data science expertise to enable superior risk selection and cyber risk mitigation.
“This investment is a vote of confidence in Sayata’s approach to assessing cyber risk and our technology,” said Asaf Lifshitz, co-founder and CEO of Sayata Labs. “Sayata is pioneering a new approach to cyber insurance underwriting with an enterprise-grade solution and technology never before available to the SMB market. Our proprietary solution thoroughly assesses a company’s risk exposure, providing unmatched visibility to facilitate superior risk selection and modeling so insurance carriers can grow their SMB portfolio profitably and with confidence.”
Guillaume Borie, CEO of AXA Next, and AXA Group chief innovation officer, said: “Protecting our clients against cyber risks is one of our top priorities, which is why AXA partners with trusted, best-in-class solution providers. With Sayata, we can both improve our risk selection, as well as advance our clients’ cybersecurity protection, which helps us partner with our clients effectively.”
Zohar Rozenberg, VP of cyber investments at Elron, added: “We view Sayata’s technology as a real game changer for cyber insurers underwriting SMBs.
“Currently, insurers are underwriting these policies with little visibility or insight into the risk. Sayata is changing this reality by simultaneously raising the overall cyber security standard for SMBs and insurers by providing both parties with a far greater understanding of cyber security posture. This enables both insurers and insureds to significantly reducetheir risk. As a cyber security focused investor, Sayata is the best solution we have seen for the fast-growing cyber insurance industry.”
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