Khosla Ventures Co-Leads $13 Million Round for Cyber Insurance Company At-Bay

Keith Rabois of Khosla Ventures co-led a $13 million funding round for cyber insurance startup At-Bay, the company announced Wednesday, bringing At-Bay’s total funding to $19 million.

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The round was co-led by Keith Rabois of Khosla Ventures, Yoni Cheifetz of Lightspeed Venture Partners, and Shlomo Kramer, co-founder of Check Point Software Technologies Ltd., Imperva Inc., and Cato Networks.

Lightspeed and Mr. Kramer also led At-Bay’s seed round. Following the current investment, Mr. Kramer will join At-Bay’s board of directors.

Mountain View, California-headquartered At-Bay offers data collection-based risk management and security assessment services. The company, which also has a research and development center in Tel Aviv, was founded in 2016. The company employs 17 people currently.

At-Bay is backed by Hartford, Connecticut-headquartered Hartford Steam Boiler Inspection and Insurance Company (HSB), a subsidiary of the Munich Reinsurance Company.

"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 Mr. Rabois in a statement. “At-Bay is focusing on customized and real-time risk modeling and risk reduction for its customers.”

“Insurance has a key role to play in managing cyber risk, which requires a shift from traditional snapshot underwriting to a year-round risk management partnership,” said At-Bay CEO and Co-Founder Rotem Iram in a statement.

At-Bay intends to use the funding to continue developing its cybersecurity monitoring service, bring its insurance products to market, and hire additional employees.