Cyber-risk management startup DynaRisk has extended its seed funding round, bringing the total funding raised to over $3m.
Nexus Investments led the round with participation from existing investors Insurance Capital Partners and Jonathan Marland. The company was originally backed by London based Cylon Lab.
“We are thrilled to welcome Nexus as partners in helping us grow our business in the exciting InsureTech vertical says Andrew Martin, founder and CEO of DynaRisk. “The need for risk management tools for cyber insurance providers is accelerating due to explosive market growth for this type of policy.
“Elevated hacker activity including ransomware is unfortunately driving a surge in claims which our technology can help to mitigate. Incumbent insurers and brokers need support to stay on top of this fast moving market or risk having their businesses disrupted by newer Cyber MGAs.”
DynaRisk will use the new cash injection to fuel its expansion into the North American market.
The company’s products are developed to help users stay safe from cyber attacks while helping insurers reduce claims, improve client retention and obtain valuable risk data.
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