At-Bay, an Israeli-founded cyber insurance company based in Mountain View, CA, announced the close of a $185 million Series D investment on Tuesday, at a post-money valuation of $1.35 billion.
The funding round was co-led by Icon Ventures and Lightspeed Venture Partners, with participation from existing investors including Khosla Ventures, Microsoft’s M12, Acrew Capital, Qumra Capital, the HSB fund of Munich Re Ventures, and entrepreneur Shlomo Kramer, co-founder of cybersecurity firms Check Point, Imperva, and Cato Networks.
Founded in 2016, At-Bay says it’s a cyber insurance company for the digital age, helping businesses navigate risks like ransomware with continuous vulnerability monitoring. The company said in a statement that it recently surpassed $160 million in annual recurring revenue on 800 percent year-over-year premium growth.
“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.”
“The cyber insurance industry is currently facing an unprecedented ransomware crisis” said Roman Itksovich, co-founder and Chief Risk Officer of At-Bay. “At-Bay has been actively working since inception to be able adapt and manage these types of risks. Our combination of technical underwriting and active risk monitoring is what keeps us ahead of the curve.”
As part of the agreement, Icon Ventures General Partner Preeti Rathi is joining At-Bay’s Board of Directors.
“What this team has been able to achieve in less than five years is truly astonishing,” said Rathi. “Not only has At-Bay quickly emerged as a leader in the industry, but they’ve also redefined the role of security within the cyber insurance space. We look forward to being part of At-Bay’s journey.”
With the new funding, At-Bay says it will continue investing in innovation while launching new products and expanding into new markets. The company also plans to grow its team and capabilities to improve security for its insured businesses.