American insurtech firm Arceo.ai has raised $37m in a recently concluded funding round led by Lightspeed Venture Partners and Founders Fund.

The funding round was also joined by CRV and UL Ventures.

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Arceo.ai, established in 2016, plans to spend the capital to expand its cyber insurance coverage and access for both insurers and companies.

Arceo.aI gathers internal, external and macro cyber risk data using a set of global sources across a customer’s digital footprint. This data is used to assess the security and cyber risk management behaviour of a firm.

Additionally, the insurtech firm offers insurance carriers and brokers an efficient data-driven approach, which is required to underwrite cyber risk safely.

Arceo.ai CEO Vishaal Hariprasad said: “We founded Arceo to create a new framework to solve cyber risk. By blending cybersecurity, threat intelligence, and insurance into one platform, we believe we can unlock new solutions to make companies quantifiably more secure.

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“Our company’s name in Latin means ‘clearly seeing risks ahead of you.’ Our platform will enable companies to effectively mitigate the constant threat of cyber-attacks.”

Lightspeed Venture Partners partner Arif Janmohamed stated: “Arceo’s founders bring a unique set of enterprise and military expertise to tackle an increasingly global threat – cybersecurity.

“Addressing the security risks that organizations face today needs the kind of defense mindset and technology expertise that the Arceo team is bringing to the market to deliver a modern and end-to-end cyber insurance platform.”

Arceo.ai also announced that Hemant Shah, founder and former CEO of catastrophic risk modelling firm RMS, has joined as a director of the board.