For the third time in less than two years, Israeli startup At-Bay secures VC funding. This time At-Bay announces a $185 million Series D, which towers over its $30+ million Series C, at a $1.35 billion valuation. The mega round was led by Lightspeed Ventures and ICON Ventures, with participation from existing investors: Khosla Ventures, Glilot+, M12, Acrew Capital, Qumra Capital, the HSB fund of Munich Re Ventures, and entrepreneur Shlomo Kramer.
Getting insurance providers to help reduce your damage
At-Bay offers insurance, however, unlike standard coverage, the company helps protect companies and enterprises from cyber attacks. The company not only relies on historical information to assess the cyber risks facing a company or organization, but it also relies on collecting and enriching data to enable information security experts to adjust the insurance pricing model according to future risk expectations. This allows At-Bay to provide customers with updated risk assessments within just a few hours.
The Israeli startup, similarly to traditional insurance companies, also provides a solution for insurance agents; a platform that combines an insurance product with risk assessment insight. Customers receive updated cyber risk reports, a calculator for potential cyber attack damages, test cases, and additional information alerting to potential threats.
At-Bay reports that in the past year it has an official ARP (annual recurring premium) of over $ 160 million, representing 800% growth. It is not hard to notice that the last year and a half have been more than positive for companies like At-Bay, as many companies have been forced to make a rapid transition and adopt various new technologies, only to find that they expose themselves to unrecognized risk.
“We are seeing a fundamental shift in commercial insurance with regard to cyber risk, and At-Bay is leading the way,” said Rotem Iram, Co-Founder and CEO at At-Bay. “While legacy insurers are pulling back on coverage and drastically 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.”
At-Bay was founded in 2016 by Rotem Iram, Etai Hochman, and Roman Itskovich. The company is headquartered in Mountain View, California, while R&D is located in Tel Aviv. The company has raised $276 million to date.