Munich Re-backed cyber startup At-Bay attracts $13m investment
California-based cyber insurance start-up At-Bay has secured a $13 million Series A funding.
The funding round was co-led by Keith Rabois of Khosla Ventures, Yoni Cheifetz of Lightspeed, and Shlomo Kramer, former founder of Check Point and Imperva, as well as the CEO of Cato Networks.
The new round of financing is set to allow the company to accelerate development of its cyber security monitoring service and roll out its insurance products, the company said. At-Bay has raised a total of $19 million in funding so far.
At-Bay’s policies are backed by Munich Re subsidiary Hartford Steam Boiler Inspection and Insurance Company (HSB).
The startup will now offer a new class of insurance that provides end-to-end risk management, including breach cost calculator and security score.
"Cyber insurance is one of the fastest growing and complex markets, yet the incumbents are still currently relying on standardized checklists and irrelevant actuarial data to model risk. At-Bay is focusing on customized and real-time risk modelling and risk reduction for its customers which unlocks superior pricing and coverage options for them," said Rabois, general investment partner at Khosla Ventures.
Rotem Iram, CEO and founder of At-Bay, commented: “Insurance has a key role to play in managing cyber risk, which requires a shift from traditional snapshot underwriting to a year-round risk management partnership. Leveraging the deep security expertise of our team, we deliver risk insights and control services to our customers throughout the year.”
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