At-Bay, a provider of cyber insurance for the digital age, has officially launched from stealth having raised $6m in seed funding.
The seed funding round was led by LightSpeed Venture Partners, with the participation of Shlomo Kramer, an Israeli information technology entrepreneur and investor, and LocalGlobe.
Founded in 2016, At-Bay intends to provide insurance products and services that enable companies to innovate despite the recurrent threat of cyber risk according to its website.
At-Bay is actively monitoring client risk year-round, working with them to control it. Together with its cyber insurance policy and risk insights, At-Bay allows clients and brokers to better manage and control cyber risk. The business is headquartered in Mountain View, CA, and has an R&D center in Tel Aviv.
Rotem Iram, At-Bay CEO and founder, said: “We match deep insights on a company’s IT security with financial exposure that cyber-attack vectors create, to enable insurance brokers and risk managers to more clearly and accurately assess and manage cyber risk. Our insurance products and supporting risk management services provide organisations with the confidence that they can take on the challenges of tomorrow.”
Historical data has limited ability to predict future risk, because technology and attackers change too quickly according to At-Bay. Instead, the company leverages its data collection, discovery and enrichment technology to enable security experts to augment the model with heuristics on expected future risk.
For brokers, it offers a digital platform, which combines its insurance product with risk insights, to help brokers foster conversations with their clients, including security and financial exposure, case studies and benchmark data. Fast, digital and collaborative applications make for a low-friction sales process.
The company has already partnered with Hartford Steam Boiler to bring to market a product to insure and defend organizations against cyber risks. HSB is a specialty insurer providing equipment breakdown, other specialty coverages, inspection services and engineering-based risk management.
Last month, LightSpeed led a $5m investment in Mynd, an Oakland, California-based tech property management company.
The VC also recently participated in a $35m Series C funding round for Roofstock, a California-based real estate investment platform. It also led a $56m funding round for enterprise software company MapR Technologies.
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