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.
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