At-Bay announced the closing of a $185 million Series D financing. The new funding round was co-led by Icon Ventures and Lightspeed Venture Partners, with participation from existing investors including Khosla Ventures, M12, Acrew Capital, Qumra Capital, the HSB fund of Munich Re Ventures, entrepreneur Shlomo Kramer, and Glilot Capital.
As the cyber insurance industry adapts to ransomware losses, At-Bay’s cyber security expertise has unlocked unprecedented growth, while minimizing losses to less than half of the industry average. The Series D marks the company’s third round in the past 18 months and brings its overall funding to $272 million. At-Bay’s post-money valuation now sits at $1.35 billion.
“We are seeing a 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 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.”
Preeti Rathi, General Partner at Icon Ventures, has joined At-Bay’s Board of Directors in conjunction with the financing. Rathi brings to At-Bay a strong track record with early-stage technology companies as a venture capitalist and an operator.
“What this team has been able to achieve in less than 5 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.”
The new funding is the latest milestone in a stretch of unprecedented growth for At-Bay. The company recently surpassed $160 million in annual recurring revenue on 800% year-over-year premium growth. At-Bay is growing at this pace while outperforming the cyber insurance market on risk mitigation, maintaining a ransomware claims frequency that is seven times lower than industry average.
“At-Bay continues to prove itself as an innovator in cyber insurance,” said Yoni Cheifetz, Partner at Lightspeed Venture Partners and At-Bay Board Member. “We believe in At-Bay’s vision of challenging industry conventions and reimagining ways to assess cyber risk, which is why we have supported the company every step of the way.”
“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.”
With the new funding, At-Bay will continue investing in innovation, while launching new products and expanding into new markets. The company will also continue growing its team and capabilities to improve the security of its insured businesses.