California-based cyber insurance startup At-Bay has successfully raised $6 million in a seed funding round led by investors Lightspeed Venture Partners, LocalGlobe LLP, and Check Point Software Technologies Ltd co-founder Shlomo Kramer. Additionally, it has partnered with Connecticut-based The Hartford Steam Boiler Inspection and Insurance Company (HSB) to bring to market a product to insure and defend organizations against cyber risks.
Launched in 2016, insurtech company At-Bay offers its clients a customized cyber insurance policy. It has a mission to empower enterprises to take on tomorrow and embrace technology fearlessly.
In a statement given to Business Wire, At-Bay founder and Chief Executive Rotem Iram said “we founded At-Bay with the belief that controlling for cyber risk enables businesses to embrace technology and unlock great value to customers. 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 organizations with the confidence that they can take on the challenges of tomorrow.”
Iram said that his firm plans to utilize $6 million funding to go to market and build up the firm’s sales force. “We will probably be raising quite a bit more money in the next few months to increase our footprint,” he further said.
Dave Mercier, senior vice president for HSB said, “we are very excited about working with At-Bay and continue to be impressed by the technology and expertise they bring to customers. At-Bay’s data and knowledge-driven business model aligns with HSB’s own system of managing and underwriting cyber risk. Their offering truly leverages the strengths of both companies.”