Singapore-based technology-enabled cyber insurtech provider, Cyber Sierra, has announced the completion of a US$4.3mn seed round of financing led by Leo Capital.
There was also participation from AppWorks, Credit Saison, as well as angel investors including prominent founders and leaders in the cloud and insurance sectors.
With the funding, Cyber Sierra plans to launch and grow its business offerings to include more products to serve the risk and compliance needs of businesses in line with apt regulatory frameworks.
“Our goal is to serve every online business. In current times, cloud-native companies have inevitably either already experienced data and security incidents, or will soon. Cyber Sierra aspires to build the best cyber experience for SMEs, offering a full suite of technology, insurance products and solutions to help companies compliantly strengthen their security posture as well as gain access to expert response and comprehensive insurance coverage when needed.” said Pramodh Rai, Co-founder of Cyber Sierra.
It will also bring on new hires across all functions, expand its network of startups, small and medium-size enterprises (SME) customers across Southeast Asia, India, and other markets.
Providing cybersecurity technology and insurance offerings
Founded in June 2021, the company delivers cybersecurity and technology insurance offerings to SMEs with a presence on the cloud. Cyber Sierra provides companies with up to US$5mn of cyber and technology insurance coverage. Starting in Singapore, the company is currently expanding to India in addition to other countries in the Southeast Asia region.
Cyber Sierra Co-Founder Subhajit Mandal said that for a young, fast growing, global and digital commercial risk such as cyber, the next couple of years present a unique opportunity to create the next generational way of insuring businesses.
“Our platform is focused on helping customers grow their cyber security posture, with embedded insurance offerings. This helps companies to adopt a more holistic approach to managing cyber risk,” he said.
Insuring against technology risks
Cyber Sierra’s customers include fintech companies, healthcare providers, e-procurement as well as ed-tech and e-commerce technology firms. Through its platform, businesses are able to access a number of cybersecurity tools including threat alerts, intelligence feeds, anti-phishing, vulnerability scans and governance features with bundled insurance offerings.
“Getting insured against key technology risks should be a simple, reliable experience that businesses can actively tap into,” said Mandal.