Cyber Risk Modeling firm Kovrr recently raised US$ 5.5 Million in a financing round led by venture capital firms StageOne Ventures and Mundi Ventures, along with the participation from Banco Sabadell and other private investors. The Tel-Aviv based company stated the new funding will help the company accelerate its product development and global expansion activities.
Founded in 2017 by security experts Yakir Golan, Shalom Bublil, and Avi Bashan, Kovrr delivers data-driven end-to-end insights to government and private insurance regulators, that enable them to calculate their cyber risk exposures. Kovrr claims that its end-to-end platform quantifies potential financial loss caused due to different types of cyber-attacks and helps in managing cyber risks.
Commenting on the new investment, Kovrr’s CEO, Yakir Golan, said, “Cyber-attacks cause billions of dollars of damage and currently affect every category of risk. Kovrr’s unique approach leverages data science and predictive analytics to deliver powerful and actionable capabilities that our clients need to grow their businesses and confidently act on their cyber risk management decisions. The recent funding allows us to further expand our commercial reach, data harvesting and predictive modeling capabilities.”
Today, the company provides the world’s leading insurance carriers, reinsurers & government regulators with an end-to-end platform that delivers transparent, data-driven insights that enable them to quantify and manage their affirmative and silent cyber risk exposures across all lines of insurance.
Kovrr accurately quantifies potential financial loss caused by various types of cyber events. The platform uses open-source, proprietary and third-party business and threat intelligence data to train predictive cyber risk models.
“Kovrr is one step ahead in modeling cybersecurity risks and has the potential to become the engine that powers cyber risk underwriting for the insurance industry,” said Javier Santiso, CEO and Founder of Mundi Ventures. “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.”
