JERUSALEM (Reuters) – Cyber insurance startup At-Bay said on Tuesday it raised $185 million at a $1.35 billion valuation to expand its business as many in the cyber industry face growing losses due to ransomware attacks.
The company said it recently surpassed $160 million in annual recurring revenue on 800% year-over-year premium growth.
The new funding round was co-led by Icon Ventures and Lightspeed Venture Partners, with participation from existing investors including Khosla Ventures, M12, Acrew Capital, Qumra Capital, the HSB fund of Munich Re Ventures, and entrepreneur Shlomo Kramer.
(Reporting by Ari Rabinovitch)
