View this article online: https://www.insurancejournal.com/news/international/2019/09/12/539597.htm
Kovrr, a Tel Aviv-based predictive cyber risk modeling company, announced a $5.5 Million financing round.
The funding round was led by StageOne Ventures, Mundi Ventures and Innocells (the corporate venture arm and digital innovation hub of Banco Sabadell), and other private investors.
The proceeds will be used for product development as well as to further accelerate the company’s global growth.
Kovrr was founded in 2017 by Yakir Golan (CEO), Shalom Bublil (CRO) and Avi Bashan (vice president of Research & Development) in order to give underwriters, exposure managers and risk professionals the visibility they need to keep up with a rapidly changing cyber risk landscape. Kovrr uses artificial intelligence (AI) to predict and price cyber risk.
“Cyber attacks cause billions of dollars of damage and currently affect every category of risk. Kovrr’s unique approach leverages data science and predictive analytics to deliver powerful and actionable capabilities that our clients need to grow their businesses and confidently act on their cyber risk management decisions,” said Kovrr’s CEO Yakir Golan.
“The recent funding allows us to further expand our commercial reach, data harvesting and predictive modeling capabilities,” he added.
The company said it provides the world’s leading insurance carriers, reinsurers and government regulators with an end-to-end platform that delivers transparent, data-driven insights that enable them to quantify and manage their affirmative and silent cyber risk exposures across all lines of insurance.
“Kovrr is introducing a new approach to the cyber insurance market. We are impressed with the team’s ability to develop both the technology and a product that addresses the needs of market leading insurers” says Rami Lachter, principal at StageOne Ventures. “As active cyber investors, we see great potential as adjacent markets unfold and believe that Kovrr is well positioned to become a dominant player in this fast-growing market.”
The Kovrr platform uses open-source, proprietary and third-party business and threat intelligence data to train predictive cyber risk models.
“Kovrr is one step ahead in modeling cyber-security risks and has the potential to become the engine that powers cyber risk underwriting for the insurance industry.” said Javier Santiso, CEO and founder of Mundi Ventures.
“Their technology’s ability to give insights about existing silent cyber risk exposure combined with methods to measure risks from new policies, is superior to competing technologies,” he continued. “At Mundi Ventures we are delighted to take part in this journey with Yakir and his top-notch team of cyber-security experts.”
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