Sayata Labs, an Israel-based company that provides risk assessment solutions for the cyber insurance industry, on Tuesday announced that it emerged from stealth mode with $6.5 million in seed funding.
Sayata provides an enterprise-grade risk assessment solution designed to help insurers and brokers quickly assess cyber risk for existing and potential customers. The platform is specifically designed for assessing risk at small and medium-sized businesses (SMBs).
The solution, powered by artificial intelligence, leverages advanced cybersecurity and data science expertise to provide data-driven insights specifically related to actual cyber losses, Sayata said.
The company claims it can help insurers conduct assessments, including for threat exposure and preparedness, while also providing insureds recommendations for improving their security posture.
Sayata says it has already partnered with insurance giant AXA.
“Protecting our clients against cyber risks is one of our top priorities, which is why AXA partners with trusted, best-in-class solution providers,” said Guillaume Borie, CEO of AXA Next, and AXA Group Chief Innovation Officer. “With Sayata, we can both improve our risk selection, as well as advance our clients’ cybersecurity protection, which helps us partner with our clients effectively.”
Sayata says its solution is scalable, easy to use, and “priced to fit within the SMB underwriting budget.”
The $6.5 million seed funding round was led by Israeli early stage venture capital firm Elron. The funds will be used to accelerate Sayata’s global operations.
German reinsurance giant Munich Re estimated last year that the cyber insurance market would double by 2020 to over $8 billion. Zion Market Research believes it will reach $22.8 billion by 2024.
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