At-Bay secures $185 Million in Series D funding; values at $1.35 Billion
Category: #business  By Pranali Mehta  Date: 2021-07-29
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At-Bay secures $185 Million in Series D funding; values at $1.35 Billion
  • The Series D round marks as At-Bay’s third round in the past 18 months
  • The company recently recorded $160 million in annual recurring revenue

At-Bay, a leading cyber insurance company, has banked $185 million in a Series D financing round co-led by VC firms Icon Ventures and Lightspeed Venture Partners along with its current investors: entrepreneur Shlomo Kramer, Acrew Capital, Khosla Ventures, Qumra Capital, M12, the HSB fund of Munich Re Ventures, and Glilot Capital.

As the cyber insurance sector adapts with ransomware losses, At-Bay's cybersecurity expertise has allowed it to achieve exceptional growth while limiting losses to less than half of the industry average.

According to a report, this new funding is a groundbreaking milestone for At-Bay. The company recently reached $160 million in annual recurring revenue, marking as an 800% year-over-year premium growth.

Additionally, At-Bay continues to grow at this pace while besting in the cyber insurance market in terms of risk decrease, by maintaining ransomware claims seven times lower than the industry average.

Reportedly, this is the company's third fundraising round in the last 18 months, bringing its total funding to $272 million. The post-money valuation of At-Bay is now $1.35 billion.

Rotem Iram, Co-Founder and CEO at At-Bay, commented that they see a shift in commercial insurance regarding the cyber risk and At Bay is forging ahead. While legacy insurers are heaving back on insurance and raising premiums in the face of problems like ransomware, At-Bay keeps tab with a modern approach to risk management that helps businesses enhance their security and avert losses before they happens.

As per sources, At-Bay will continue to invest in innovations, launch new products, and expand its portfolio with this new funding. The company will also add more people and capabilities for improving the security of its insurance business.

Source Credit - https://www.businesswire.com/news/home/20210727005722/en/Cyber-Insurance-Startup-At-Bay-Closes-185-Million-Series-D-Valuing-Company-at-1.35-Billion

 

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About Author

Pranali Mehta

Pranali Mehta    

Pranali Mehta boasts of over three years of experience as a content writer. Having completed her graduation in chemical engineering, she worked as safety & environment associate in a chemical company for a year. Harnessing her passion for writing however, Pranali deci...

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