Digital insurance startup At-Bay has closed a $185 million Series D financing round, the company announced Tuesday. The new funding round was co-led by Icon Ventures and Lightspeed Venture Partners, with participation from existing investors including Khosla Ventures, Glilot+, M12, Acrew Capital, Qumra Capital, the HSB fund of Munich Re Ventures, and entrepreneur Shlomo Kramer.
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The Series D marks the company's third round in the past 18 months and brings its overall funding to $272 million. At-Bay's post-money valuation now sits at $1.35 billion.
"We are seeing a fundamental shift in commercial insurance with regard to cyber risk, and At-Bay is leading the way," said Rotem Iram, Co-Founder and CEO at At-Bay. "While legacy insurers are pulling back on coverage and drastically raising rates in the face of challenges like ransomware, At-Bay is doubling down with a modern approach to risk management that helps businesses improve their security and avoid loss before it happens."
The new funding is the latest milestone in a stretch of unprecedented growth for At-Bay. The company recently surpassed $160 million in annual recurring revenue on 800% year-over-year premium growth. At-Bay is growing at this pace while outperforming the cyber insurance market on risk mitigation, maintaining a ransomware claims frequency that is seven times lower than industry average.
