Security Experts:

Connect with us

Hi, what are you looking for?

SecurityWeekSecurityWeek

Cyber Insurance

Cyber Insurance Firm At-Bay Raises $185 Million at $1.35 Billion Valuation

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.

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.

Related: Study Finds Insurance Companies Lack Cyber Hygiene

Related: Cyber Insurance Provider Coalition Acquires BinaryEdge

Related: Cyber Risk Assessment Firm Sayata Labs Emerges From Stealth

Related: Cyber Insurance Firm Cowbell Raises $20 Million

Written By

Eduard Kovacs (@EduardKovacs) is a contributing editor at SecurityWeek. He worked as a high school IT teacher for two years before starting a career in journalism as Softpedia’s security news reporter. Eduard holds a bachelor’s degree in industrial informatics and a master’s degree in computer techniques applied in electrical engineering.

Click to comment

Expert Insights

Related Content

Application Security

Cycode, a startup that provides solutions for protecting software source code, emerged from stealth mode on Tuesday with $4.6 million in seed funding.

Management & Strategy

Industry professionals comment on the recent disruption of the Hive ransomware operation and its hacking by law enforcement.

Management & Strategy

SecurityWeek examines how a layoff-induced influx of experienced professionals into the job seeker market is affecting or might affect, the skills gap and recruitment...

Management & Strategy

Tens of cybersecurity companies have announced cutting staff over the past year, in some cases significant portions of their global workforce.

Funding/M&A

Tenable has launched a $25 million venture fund to place bets on early-stage startups in the exposure management space.

Cybersecurity Funding

Forward Networks, a company that provides network security and reliability solutions, has raised $50 million from several investors.

Funding/M&A

Twenty-one cybersecurity-related M&A deals were announced in December 2022.