May 10, 2018

Hartford Steam Boiler-linked startup raises $13M

A California insurance startup whose policies are backed by Hartford Steam Boiler and Insurance Co. (HSB) said it's raised $13 million.

At-Bay, which writes cyber risk insurance, has now raised a total of $19 million.

The company said the recent funding round will allow it to accelerate development of its proactive cybersecurity monitoring service and roll out its insurance products.

"Cyber insurance is one of the fastest growing and complex markets, yet the incumbents are still currently relying on standardized checklists and irrelevant actuarial data to model risk," said Keith Rabois, general investment partner at Khosla Ventures, which led the Series A funding round. "At-Bay is focusing on customized and real-time risk modeling and risk reduction for its customers which unlocks superior pricing and coverage options for them."

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