Cyber Insurance startup At-Bay raised a new $34 million venture capital round, CEO and Co-Founder Rotem Iram disclosed in a recent blog posting.
Munich Re Ventures and Acrew Capital led the Series B round, though returning investors Lightspeed Venture Partners, Khosla Ventures and Shlomo Kramer also participated.
Munich Re’s Hartford Steam Boiler backs At-Bay’s policies, and Iram said in his posting that “their confidence and support means the world to us and is an incredible validation of what we are building.”
Plans call for using the money to grow the managing general underwriter’s offices in New York and Atlanta, and also expand into Chicago and Los Angeles. As well, the company said it will “deepen the foundations” of its insurance offering with a focus on expert underwriting and claims management.
At-Bay previously raised $13 million in May 2018.
At-Bay was founded in 2016, with headquarters in Mountain View and an R&D center in Tel Aviv. Currently, At-Bay employs 38 people. As far as its expanded space, four in New York City and one is Atlanta so far. Both are underwriting offices, the company said.
At-Bay has touted significant year-over-year revenue growth, though the company declined to disclose specific figures. At-Bay also said it has seen a large expansion of its broker network and 100 percent renewal rate year-over-year, but again declined to name specifics.
The company said it uses in-depth risk research blended with an ability to adjust risk models in real time, based on future expectations (known as heuristics). At-Bay said it monitors risk continuously and that its methodology helps give clients an updated and future-forward assessment of risks. Separately, At-Bay has a digital platform it says is intuitive and combines its insurance product with risk insights, enabling brokers to have more insightful discussions with clients about issues such as security, case studies and benchmark data.