At-Bay secured a $34 million venture capital infusion that the cyber insurance MGU startup said will enable more hiring, further product launches, digital collaborations and technology improvements.
Qumra Capital, an Israeli-based investment fund, led the Series C round for San Francisco-based At-Bay, which also included existing investors Acrew Capital, Khosla Ventures, Lightspeed Venture Partners, Munich Re Ventures and entrepreneur Shlomo Kramer.
As well, Microsoft’s venture fund (M12) has become an investor, initially at the end of At-Bay’s Series B and again for the Series C, according to the company.
At-Bay’s new investment builds in part on a $34 million venture capital round in February 2020. The managing general underwriter said it raised $91 million since its 2016 founding, including $74 million this year.
“The significant investment we’ve raised this year will enable us to deepen our active risk monitoring and security services, while expanding into new markets with new products aimed at helping companies manage risk in the digital age,” Roman Itskovich, At-Bay’s co-founder and chief risk officer, said in prepared remarks.
At-Bay 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). The company explains that it monitors cyber risk continuously and that its methodology helps give clients an updated and future-forward assessment of risks.
Separately, At-Bay has an intuitive digital underwriting platform that combines its insurance product with risk insights, so brokers have more insightful discussions with clients about issues such as security, case studies and benchmark data. According to the company, the platform can produce bindable quotes in seconds, along with actionable security insights that help clients avoid cyberattacks before they happen.
At-Bay now employees 75 people and has regional offices in New York, Atlanta, Chicago, Portland, Los Angeles and Dallas.