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July 28, 2021updated 14 Oct 2021 10:42am

Insurtech start-up At-Bay raises $185m at $1.3bn valuation 

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

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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.

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.”

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.”

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Do Innovative Companies Outperform?

Amid the wildly disruptive business landscape, companies are innovating for a more durable source of competitive advantage. As this typically does not show up on their traditional financial statements, a company’s true potential can be grossly undervalued by relying exclusively on these. We believe that quantifying their innovation capacities is the key valuation input needed to identify outperformers. Our latest whitepaper, based on GlobalData’s proprietary Patents Database, evaluates companies’ intellectual capital as a vital factor in differentiating their offerings as well as driving future growth. Access the report to understand:
  • How are disruptive forces accelerating trends in innovation?
  • Why do traditional approaches to company analysis fall short in fully capturing companies' potential?
  • How can patents be leveraged to build portfolios that capture innovation-alpha?
Download the full report to align your strategies for success and get ahead of the competition.
by GlobalData
Enter your details here to receive your free Report.

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