California-based At-Bay, a digital cyber risk monitoring and insurance firm, reports it raised $13 million in Series A funding, bringing the start-up’s total funding to $19 million.
At-Bay is developing what it calls a “proactive cyber security monitoring service” and related insurance products. Its insurance policies are backed by the Hartford Steam Boiler Inspection and Insurance Co. (HSB), a part of Munich Re.
The new funding round was co-led by Keith Rabois of Khosla Ventures, Yoni Cheifetz of Lightspeed, and Shlomo Kramer. Kramer, former founder of Check Point and Imperva, as well as CEO of Cato Networks, will join the board. At-Bay was started in 2016.
“Cyber insurance is one of the fastest growing and complex markets, yet the incumbents are still currently relying on standardized checklists and irrelevant actuarial data to model risk. At-Bay is focusing on customized and real-time risk modeling and risk reduction for its customers which unlocks superior pricing and coverage options for them,” said Keith Rabois, general investment partner at Khosla Ventures.
Cyber risk is always evolving and is at odds with the traditional insurance model, according to…
