At-Bay Raises $34M Series C Funding - Cybersecurity Insurance

At-Bay, a rising firm in the cybersecurity insurance sector, has announced the completion of a $34 million Series C funding round, as revealed on Tuesday.

Qumra Capital spearheaded this investment, marking their initial involvement with the company. The round also welcomed participation from M12, the venture arm of Microsoft, alongside existing investors including Acrew Capital, Khosla Ventures, Lightspeed Venture Partners, Munich Re Ventures, and Shlomo Kramer – a co-founder of prominent security companies Check Point and Imperva.

This represents a significant advancement for At-Bay, coming just months after the closing of its Series B funding in February.

The market for cybersecurity insurance is projected to reach a substantial $23 billion valuation by 2025. This growth is fueled by the increasing number of internet-connected devices and the implementation of evolving data protection regulations, such as Europe’s GDPR and California’s privacy legislation. While established insurance companies have faced challenges in developing the necessary expertise to meet the rising demand for cybersecurity coverage, companies like At-Bay have successfully addressed this gap.

Founded in 2016 by Rotem Iram and Roman Itskovich, At-Bay maintains its headquarters in Mountain View. Over the last year, the company has experienced a threefold increase in its workforce and has expanded its presence with offices in New York, Atlanta, Chicago, Portland, Los Angeles, and Dallas.

At-Bay distinguishes itself through its proactive approach to security. The company actively monitors its clients’ network boundaries and provides alerts regarding potential security weaknesses or risks. By identifying and addressing these issues before they can be exploited, At-Bay assists its customers in preventing network breaches and data loss, which benefits both the client and reduces potential insurance claims.

“This innovative method of risk assessment is not only generating considerable interest in our insurance offerings, but also allows us to refine our products and lessen losses for our policyholders,” stated Iram.

The company’s strategy is proving successful, with reported claim frequencies being less than half the industry standard. Lior Litwak, a partner at M12, expressed confidence in the company’s ability to integrate cyber risk and analytical insights with cyber insurance solutions, recognizing “immense potential” for future growth.

With the recent Series C funding secured, At-Bay intends to expand its team, introduce new products, and further develop its automated underwriting system, enabling businesses to obtain immediate cyber insurance quotes.