Kovrr, a cyber risk modelling company, has secured $5.5m in a financing round which will foster the startup’s global growth.
StageOne Ventures and Mundi Ventures led the round, with participation also coming from Banco Sabadell and other private investors.
Equity from the round will be used for product development as well as boosting its commercial reach, data harvesting, and predictive modelling capabilities.
Kovrr supplies insurance carriers, reinsurers and government regulators with an end-to-end platform which provides transparent, data-driven insights to quantify and manage their affirmative and silent cyber risk exposures across all insurance lines.
Its technology is capable of quantifying financial loss caused by cyber events by making use of third-party business and threat intelligence data to train predictive cyber models.
Mundi Ventures CEO and founder Javier Santiso said, “Kovrr is one step ahead in modelling cybersecurity risks and has the potential to become the engine that powers cyber risk underwriting for the insurance industry.
“Their technology’s ability to give insights about existing silent cyber risk exposure combined with methods to measure risks from new policies, is superior to competing technologies. At Mundi Ventures we are delighted to take part in this journey with Yakir and his top-notch team of cybersecurity experts.”
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