UpGuard locks down $17m for cybersecurity insurance

Australian insurance firm IAG has invested in Sydney-founded cybersecurity firm UpGuard’s $17m Series B round.

Now based in San Francisco, UpGuard also attracted VCs Square Peg Capital and Pelion Capital Partners, which co-led the round.

The company says it will use the capital to fuel growth including doubling its staff to 120 by February.

UpGuard’s technology tests an organisations internal and external IT infrastructure to calculate the potential risk of intrusion or outages, attributing companies scores called CSTARs.

These scores can be used by corporate insurers to create cybersecurity insurance policies.

The company has now raised almost $27m to date with previous backers including Valar Ventures, 500 Startups and August Capital.

Copyright © 2016 FINTECH GLOBAL

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