At-Bay has raised $272m so far. Credit: Gerd Altmann from Pixabay.

Cyber insurance company At-Bay has raised $185m in series D funding round co-led by Icon Ventures and Lightspeed Venture Partners.

The latest funding round valued the company at $1.35bn. It was joined by existing investors including Khosla Ventures, M12, Acrew Capital, Qumra Capital, the HSB fund of Munich Re Ventures, entrepreneur Shlomo Kramer, and Glilot Capital.

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The latest funding round is At-Bay’s third in the past 18 months and brings its overall funding to $272m.

At-Bay plans to use the proceeds for innovation, launch new products, and expand into new markets. The funds will also be used for hiring more people.

Insurtech facilitates vulnerability monitoring to notify businesses of new threats. The firm claims to have recorded over $160m in annual recurring revenue on 800% year-over-year premium growth.

At-Bay co-founder and CEO Rotem Iram said: “We are seeing a shift in commercial insurance with regard to cyber risk, and At-Bay is leading the way. While legacy insurers are pulling back on coverage and raising rates in the face of challenges like ransomware, At-Bay is doubling down with a modern approach to risk management that helps businesses improve their security and avoid loss before it happens.”

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Icon Ventures general manager Preeti Rathi will be joining At-Bay’s board of directors.

Rathi added: “Not only has At-Bay quickly emerged as a leader in the industry, but they’ve also redefined the role of security within the cyber insurance space. We look forward to being part of At-Bay’s journey.”

Lightspeed Venture Partners partner and At-Bay board member Yoni Cheifetz said: “At-Bay continues to prove itself as an innovator in cyber insurance. We believe in At-Bay’s vision of challenging industry conventions and reimagining ways to assess cyber risk, which is why we have supported the company every step of the way.”