Cyber insurance start-up At-Bay has raised $34 million in a Series C funding round, according to a report by TechCrunch.
The funding round was led by Qumra Capital. Other investors included Microsoft venture fund M12, Acrew Capital, Khosla Ventures, Lightspeed Venture Partner, Munich Re Ventures, and Israeli entrepreneur Shlomo Kramer, co-founder of security firms Check Point and Imperva.
At-Bay was founded in 2016 by Rotem Iram and Roman Itskovich. It is headquartered in Mountain View, California, and now has offices in New York, Atlanta, Chicago, Portland, Oregon, Los Angeles and Dallas, according to TechCrunch.
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The company plans to use the capital raised in the latest funding round to grow its headcount and launch new products, as well as improving its automated underwriting platform, which allows companies to get instant cyber insurance quotes.
The cyber insurance market is expected to be worth $23 billion by 2025, driven by the explosion in connected devices and new regulatory regimes in Europe and California, TechCrunch reported.