At-Bay, the cyber insurance company that aims to reduce ransomware risk, this week announced a $20 million extension to its Series D funding round.
In July, the company raised $185 million in Series D financing, at a $1.35 billion valuation. To date, At-Bay has raised a total of $292 million.
The new injection of capital came from ION Crossover Partners, which joins Series D investors Icon Ventures, Lightspeed Venture Partners, Acrew Capital, Khosla Ventures, and M12, and others.
At-Bay’s active cyber risk monitoring solution is designed to identify vulnerabilities in customer systems and help them improve security, while also providing continuous monitoring throughout the life of the insurance policy.
Due to this approach to risk management and monitoring, At-Bay’s ransomware claims frequency is seven times lower than the industry average, the company says.
“At-Bay’s success helping SMBs experience fewer ransomware incidents is resonating with customers and investors alike. ION has an impressive track record of shepherding startups to successful outcomes, and we are proud to have them as an investor,” Rotem Iram, co-founder and CEO of At-Bay, said.
Founded in 2017, the Mountain View, Calif-based At-Bay surpassed $160 million in annual recurring revenue in the second quarter of the year, when it also experienced an 800% year-over-year premium growth.
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Ionut Arghire is an international correspondent for SecurityWeek.
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