Sayata Labs has nailed down $6.5 million in seed funding to pursue development of its cyber risk assessment product designed for insurers to use with small and medium-sized businesses. The Tel Aviv-based startup said it is already partnering with AXA to help the global carrier boost its capabilities in the space.
The startup’s executives plan to use the money to accelerate global growth. Elron, an early stage venture firm specializing in cyber and based in Israel, led the round.
Asaf Lifshitz, co-founder and CEO of Sayata Labs, said in prepared remarks that the investment reflects a “vote of confidence” in its technological approach.
Sayata focuses on using advanced cybersecurity and data science expertise to help insurers quickly and accurately assess cyber risk and also provide existing and potential insureds ways to reduce risk in order to significantly improve their cyber risk posture.
The company’s business model is designed to give insurers and brokers a wide ability to identify cyber risks by analyzing a number of data sources directly linked to most cyber breaches. Sayata Labs asserts that this capability hasn’t previously existed for small and medium-sized business underwriting.
Sayata said its product uses AI-based algorithms to provide insurers and their small/medium-sized business clients data-driven info specifically related to actual cyber losses. By using the technology to perform a quick scan, it is possible to accurately determine cyber threat levels and preparedness for those threats, the company claims.
Guillaume Borie, CEO of AXA Next and AXA Group chief innovation officer, said in prepared remarks that its partnership with Sayata helps it “both improve our risk selection, as well as advance our clients’ cybersecurity protection, which helps us partner with our clients effectively.”
Source: Sayata Labs