Cyber insurance firm At-Bay announced this week that it has raised $13 million in Series A funding, which brings the company’s total funding to $19 million.
The Mountain View, Calif-based company emerged from stealth in November 2017 with a mission to shake up the status quo in cyber insurance.
At-Bay brings a new model of security cooperation between insured and insurer to reduce risk and exposure to both parties.
“We will be collecting data and using researchers to push the limits of our understanding of risk,” Rotem Iram, CEO and founder of At-Bay, previously told SecurityWeek. “As we do that, we will be improving the quality of our product. Product quality is depressed today because insurance companies do not really understand the cybersecurity risk.”
The Series A funding round was co-led by Keith Rabois of Khosla Ventures, Yoni Cheifetz of Lightspeed, and Shlomo Kramer.
“Cyber insurance is one of the fastest growing and complex markets, yet the incumbents are still currently relying on standardized checklists and irrelevant actuarial data to model risk. At-Bay is focusing on customized and real-time risk modeling and risk reduction for its customers which unlocks superior pricing and coverage options for them,” said Keith Rabois, general investment partner at Khosla Ventures.
The company said the new round of financing will help accelerate development of its proactive cyber security monitoring service and roll out its insurance products.
Related: Cyber Insurance: Security Tool or Hype?