Cyber insurance startup At-Bay raises $185mln at $1.35bln valuation

At-Bay, a cyber insurance company, has received $185 million at a $1.35 billion valuation to expand its business, as many in the cyber industry continue to suffer losses as a result of ransomware attacks.

According to the firm, it just reached $160 million in annual recurring income, with premium growth of 800 percent year over year.

Existing investors Khosla Ventures, M12, Acrew Capital, Qumra Capital, the HSB fund of Munich Re Ventures, and entrepreneur Shlomo Kramer participated in the latest fundraising round, which was co-led by Icon Ventures and Lightspeed Venture Partners.