Cyber insurance firm At-Bay on Tuesday announced raising $185 million in a Series D funding round at a post-money valuation of $1.35 billion, which gives the company “unicorn” status.
At-Bay has raised a total of $272 million. The latest funding round was co-led by Icon Ventures and Lightspeed Venture Partners, with participation from Khosla Ventures, M12, Acrew Capital, Qumra Capital, the HSB fund of Munich Re Ventures, entrepreneur Shlomo Kramer, and Glilot Capital.
The company plans on using the money to launch new products, expand into new markets, and continue growing its team and capabilities.
At-Bay emerged from stealth mode in 2017 with a new model of security cooperation aimed at reducing risk for both the insurer and the insured.
The company provides an active cyber risk monitoring solution that scans the client’s systems for vulnerabilities, provides actionable insights on those findings to help them improve security, and then continues to monitor the customer’s network throughout the life of the insurance policy — at no additional cost — in an effort to minimize their exposure.
At-Bay said it recently surpassed $160 million in annual recurring revenue on 800% year-over-year premium growth.
At-Bay is not the only cyber insurance company to have secured significant investment in the past months. In March, Coalition announced raising $175 million at a $1.75 billion valuation and Corvus announced raising $100 million at a $750 million valuation.