Inscora, a Montreal-based startup, has secured $2m in funding to enhance its cyber insurance solutions.
The company specializes in automated cyber risk assessment and sales enablement tools for cyber insurance brokers.
The funding round was led by Luge Capital, accompanied by Desjardins Capital, Accelia Capital, Inovia Capital, and angel investors from the cybersecurity industry. This financial backing marks a significant step forward for Inscora as it seeks to expand its innovative platform.
At its core, Inscora is designed to modernize how insurance brokers assess and manage cyber risks. The platform offers next-generation brokerage tools that enable brokers to evaluate a company’s cyber risk accurately and integrate cybersecurity best practices into their offerings. This not only enhances the value provided to customers but also improves risk-adjusted premiums and boosts sales conversions.
The capital injection will be used to further develop the platform, expand the team, and launch the product in the Canadian and U.S. markets. Inscora is already collaborating with select players in the insurance industry as part of its early trial program.
Inscora’s CEO and Co-Founder, Gabriel Tremblay, said, “We have spent our careers developing products that help organizations protect themselves against cyber attacks. Inscora represents a unique opportunity to apply this expertise to the ever-evolving field of cyber insurance and improve the efficiency of insurance brokers as well as the security posture of the insured clients. We are thrilled to have the support of such esteemed investors to help us now go to market.”
David Nault, General Partner at Luge Capital, said, “We have seen, first hand, how complex purchasing cyber insurance can be and the lack of tools available to the insurance industry to guide clients to implement stronger security measures within their organizations. Inscora is solving both of these important issues to support the ever-evolving cyber insurance industry.”
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