Digital insurance company At-Bay has raised an additional $20m, taking the total funds raised in Series D round to $205m.

The extension of the Series D funding round adds ION Crossover Partners to the company’s list of investors.

At-Bay, which is now valued at $1.35bn, closed a $185m Series D funding round in July this year.

It was co-led by Icon Ventures and Lightspeed Venture Partners.

At-Bay uses technology to monitor the vulnerability of the customers its insurers and notifies them of new cyber threats they may face.

At-Bay co-founder and CEO Rotem Iram said: “At-Bay’s success helping SMBs experience fewer ransomware incidents is resonating with customers and investors alike.

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“ION has an impressive track record of shepherding startups to successful outcomes, and we are proud to have them as an investor.”

The firm claims to have recorded over $160m in annual recurring revenue on 800% year-over-year premium growth. It has raised $292m to date.

ION Crossover Partners partner Jonathan Kolodny said: “We are already seeing their positive impact on SMBs by reducing ransomware incidents, and we are excited to see their impact grow as they apply their proprietary automated underwriting platform to new products and services.”

At-Bay counts the HSB fund of Munich Re Ventures and Microsoft’s venture fund M12 among its investors.

Recently, At-Bay joined forces with Microsoft to bolster the cyber security positioning of their small and medium business (SMB) customers.