Resilience, which offers cyber insurance and security solutions, reported that that it closed an $80 million Series C funding round as it plans for further middle market expansion and international growth.
The funding round was co-led by General Catalyst and Corey Thomas of Rapid7, with participation from Lightspeed Venture Partners, Founders Fund, Charles River Ventures, Shield Capital and Intact Ventures.
As ransomware claims have surged over the last year, the hardened cyber insurance market is open to newcomers and Resilience believes there is room for its insurance plus security offering.
“We took a deliberate approach entering the middle market. Our clients are discerning buyers with sophisticated infrastructure. We proactively connect their security posture with their insurance policy, not as vendors, but as partners. That personal, integrated approach of transparency and action is what makes us so different,” said Vishaal “V8” Hariprasad, CEO of Resilience. “This funding round signals that the market is ready for our insure + secure model.”
The Resilience model that provides both tailored insurance and security tools to its customers. A team of in-house security engineers are engaged with clients from risk assessment to post-bind vulnerability monitoring.
Resilience began as a cyber analysis firm named Arceo.ai and relaunched a year ago as a mid-market focused managing general agency and program manager, Resilience Cyber Insurance Solutions, with an investment by Intact Ventures. It offers insurance coverage from Intact Insurance Specialty Solutions. Insurance products are underwritten by Homeland Insurance Co. of New York or Homeland Insurance Co. of Delaware, each subsidiaries of Intact Insurance Group USA.
Resilience Insurance offers primary and excess policies, designed for organizations with $100 million to $5 billion in revenue, as well as actionable cyberrisk assessments, technical risk engineering. Its “intuitive coverage” tracks alongside the progression of a cyber incident. Resilience policyholders also benefit from pre-breach, hardening, and claims services. Resilience Insurance distributes through broker partners.
Security services are provided by Resilience, formerly Arceo.
Resilience is led by CEO Hariprasad and Raj Shah, chairman, military veterans who previously co-founded Morta Security, which Palo Alto Networks acquired. Mario Vitale, former executive at Aspen, Zurich and Willis North American Insurance is also part of the leadership team.
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