At-Bay, a U.S.-based insurtech startup, announced on Tuesday it secured $34 million through its Series C funding round, which was led by Qumra Capital with participation from Microsoft’s venture fund M12. The company notably raised a total of $74 million in 2020 alone, having closed its Series B round earlier in the year, and $91 million since its founding in 2016.
At-Bay revealed it was designed to help businesses meet digital risk head-on by combing technology with insurance expertise.
“At-Bay offers clarity and confidence to businesses in the digital age. We believe that every business, big or small, when empowered to understand and manage risk, can thrive in a digital world. We address digital risk in a way that everyone, from brokers and business owners, to CISOs and CFOs, can all understand. We question, analyze, and monitor the risk of every company in our portfolio—not just once, but continuously—so we can educate, advise, and support our brokers and our insureds throughout our partnership. Because digital risk never rests, and neither do we.”
While sharing more details about the company, Rotem Iram, Co-Founder and CEO, At-Bay, stated:
“At-Bay helps businesses prevent cyber loss before it happens, with an in-house security team continuously monitoring the network of every company in our portfolio, offering actionable insights to strengthen security. This modern approach to risk management is not only driving strong demand for our insurance, but also enabling us to improve our products and minimize loss to our insureds.”
At-Bay then revealed it will use the funding to continue growing the team, launching new products, establishing digital collaborations, and improving the company’s automated underwriting platform, which enables brokers to get bindable quotes in seconds, along with clear and actionable security insights to help clients avoid a cyberattack before it happens. Roman Itskovich, Co-Founder and Chief Risk Officer at At-Bay, added:
“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.”