Cyber risk insurtech Resilience raises $100m to fund growth
Cyber risk insurtech Resilience has raised US$100m in an equity financing round led by Intact Ventures with participation from Lightspeed Venture Partners.
The money will be used to support Resilience’s expansion throughout Europe and accelerate adoption of its cyber risk platform, known as Resilience Solution, which launched earlier in the year.
Resilience Solution gives businesses a single dashboard to assess, measure and manage their cyber risk. It includes an AI-powered action plan to help users make better decisions from the cyber data; access to online resources and human advice to help bolster cyber defences; and is accompanied by comprehensive cyber insurance coverage with capacity provided by Intact Insurance – which is an affiliate of Intact Ventures.
Living up to its name, Resilience claims that, in 2022, none of its clients experienced a ransomware extortion event and that around two-thirds (67%) incurred lower losses than the average across the entire insurance base. This has resulted in loss ratios three times lower than the industry average, the insurtech says.
The San Francisco-headquartered firm has raised over US$225m in prior funding and is already serving clients in the US, UK, Canada, Ireland, Italy, Spain, and the Nordics. It will now hope to add new countries and territories to that growing roll call of markets where it’s active.
Resilience ‘setting out to fill critical cyber gap’
It comes amid a rising tide of ransomware attacks, where cybercriminals demand payment from an infiltrated organisation in return for their systems being returned to normal after an attack. Ransomware attacks exploit weaknesses in the way we work post-COVID, and have become one of the most favoured tactics of hackers.
“The increase in ransomware attacks proves that there are longstanding gaps in today’s cybersecurity and cyber insurance practices,” says Vishaal Hariprasad, CEO and Co-Founder of Resilience. “Enterprises need a way to look at their cyber risk in an integrated, economically efficient and predictable manner. This funding will accelerate our mission to make this a reality for more companies around the world.”
Justin Smith-Lorenzetti, Intact Ventures, adds: “We’re thrilled to lead Resilience’s financing round and to work together to build the cyber risk platform of the future. We’re eager to continue pairing the innovative cybersecurity solutions and expertise of Resilience with the insurance expertise of Intact Insurance’s underwriting companies as Resilience’s primary capacity provider.”
Arif Janmohamed, Partner at Lightspeed Venture Partners, continues: “Securing a digital world at enterprise scale requires fundamental behaviour change. We have been long-term believers in the Resilience team because they set out to fill this critical gap from day one. We are incredibly excited to see them executing on this vision over the past several years and we look forward to how they’ll help the market tackle cyber risk in the future.”
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