Cyber insurance platform At-Bay has extended its Series D funding round with a further $20m raise.
At-Bay recently raised $185m from the earlier part of the round, co-led by Icon Ventures and Lightspeed Venture Partners. With this recent raise, the company has netted $205m in the Series D and has raised $292m to date.
Founded in 2016, At-Bay is a cyber insurance platform that offers policies with up to $10m in limits to businesses and up to $5m in revenue for primary and excess products. The company’s insurance policies protect a range of damages, cyberattacks, crypto jacking, extortion, business interruption, data breaches and reputational harm.
The additional funding comes from new investor ION Crossover Partners and will be used to towards product development and expansion into new markets.
At-Bay CEO and co-founder Rotem Iram said, “At-Bay’s success helping SMBs experience fewer ransomware incidents is resonating with customers and investors alike, “ION has an impressive track record of shepherding startups to successful outcomes, and we are proud to have them as an investor.”
According to Carrier Management, At-Bay recently announced a collaboration with Microsoft to aid SMEs proactively manage cyber irks.
A report by GlobalData earlier this year found the cyber insurance industry is predicted to exceed a $20bn gross written premium value by 2025.
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