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Cyber insurance platform Sayata has raised $17 million in new venture capital and plans to expand to offer more specialty coverages.
The startup’s platform automates the quote and bind process to help wholesale brokers and carriers quickly and easily offer cyber risk assessments and cyber insurance to small and medium-sized businesses. Its platform gives brokers a single destination at which they can find multiple insurance options, “easily present them and digitally secure coverage in one place.”
The company claims that more than 1,000 users across 75 brokerages and carriers have used its technology to date. Its carrier partners include Hiscox, Brit, AXIS, Coalition, Corvus, At Bay, Ascent and Tokio Marine.
“This round is coming just as we’re hitting our stride,” Sayata CEO Asaf Lifshitz said. “The market has responded incredibly well to our offering since launch with both our broker and carrier partners asking to see more business insurance lines represented on the platform.”
He added, “This is not a change to a new focus, but an expansion. We are adding more lines of insurance beyond only cyber,”
Thus far it has added technology errors and omissions coverage in addition to its cyber liability offerings.
Team8 Capital and Vertex Ventures led the most recent Series A funding $17 million round, though original investors Elron, Kamet and OurCrowd also participated.
Boston-based Sayata, formerly Sayata Labs, raised $6.5 million in seed funding in March 2019.
Sayata launched its platform in February 2020.
Source: Sayata