Cyber Insurance startup At-Bay raised a new $34 million venture capital round, CEO and Co-Founder Rotem Iram disclosed in a recent blog posting.
Plans call for the money to be used to grow the managing general underwriter’s offices in New York and Atlanta, and also expand into Chicago and Los Angeles. The company said it will also “deepen the foundations” of its insurance offering with a focus on expert underwriting and claims management.
Munich Re’s Hartford Steam Boiler backs At-Bay’s policies.
At-Bay was founded in 2016, with headquarters in Mountain View, Calif. and a research center in Tel Aviv. Currently, At-Bay employs 38 people. New York City and Atlanta are underwriting offices.
At-Bay has touted significant year-over-year revenue growth, though the company declined to disclose specific figures. At-Bay also said it has seen a large expansion of its broker network and 100 percent renewal rate year-over-year, but again declined to name specifics.
The company uses risk research blended with an ability to adjust risk models in real time, based on future expectations (known as heuristics). At-Bay said it monitors risk continuously and that its methodology helps give clients an updated and future-forward assessment of risks.
Separately, At-Bay has a digital platform it says is intuitive and combines its insurance product with risk insights, enabling brokers to have more insightful discussions with clients about issues such as security, case studies and benchmark data.
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