Security Experts:

Connect with us

Hi, what are you looking for?

SecurityWeekSecurityWeek

Cyber Insurance

Cyberinsurance Startup Elpha Secure Raises $20 Million

Cyberinsurance startup Elpha Secure this week announced that it has raised $20 million in a Series A funding round led by Canapi Ventures.

Existing investors AXIS Capital, EOS Venture Partners, Fermat Capital Management, The Hartford STAG Ventures, State Farm Ventures, and Stone Point Ventures participated.

Cyberinsurance startup Elpha Secure this week announced that it has raised $20 million in a Series A funding round led by Canapi Ventures.

Existing investors AXIS Capital, EOS Venture Partners, Fermat Capital Management, The Hartford STAG Ventures, State Farm Ventures, and Stone Point Ventures participated.

Founded in 2018, the New York-based company offers a solution that brings together cybersecurity and insurance policies, specifically tailored for small and midsize businesses.

Elpha Secure provides customers with protections such as encrypted data backups, multi-factor authentication (MFA) for remote desktop connections, anomaly detection via machine learning, and software version control.

The company also claims that it can help customers’ employees improve and maintain their organization’s cyberhealth, to reduce attack surface and eliminate risks.

The new investment will help Elpha Secure drive business growth and improve product features with end-to-end protection and response.

“Smaller businesses are finding they don’t have adequate cyber infrastructure to qualify for insurance. Instead of challenging business owners to define and implement the required cybersecurity measures themselves, we provide these measures through our software as well as the insurance policy,” Elpha Secure CEO Preetam Dutta said.

Related: Quantum-Safe Communications Startup Qunnect Raises $8 Million

Related: RealDefense Raises $30 Million to Acquire More Privacy, Cybersecurity Firms

Related: Web Security Company Detectify Raises $10 Million

Related: Malwarebytes Raises $100 Million From Vector Capital

Written By

Ionut Arghire is an international correspondent for SecurityWeek.

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.

Funding/M&A

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

Management & Strategy

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

Management & Strategy

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

Management & Strategy

Microsoft making a multiyear, multibillion dollar investment in the artificial intelligence startup OpenAI, maker of ChatGPT and other tools.

Funding/M&A

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

Cybersecurity Funding

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