Elpha Secure raises $20 million to accelerate product development

0

Elpha Secure Technology has completed a $20 million Series A funding round. Canapi Ventures, a venture capital firm that invests in early-stage or growth-stage fintech companies, led the round with participation from existing Elpha Secure investors including Stone Point Ventures, AXIS Capital, State Farm Ventures, The Hartford STAG Ventures, Fermat Capital Management and EOS Venture Partners.

Elpha Secure provides a revolutionary cyber protection solution for small and medium businesses that combines proprietary cyber security technology with insurance policies. Unlike the conventional cyber insurance model, Elpha Secure’s end-to-end proprietary solution helps customers reduce cyber security risks through its unique approach rather than focusing on limiting coverage or increasing rates.

As part of the company’s offerings, policyholders receive enhanced coverage with a single software installation that provides better cyber protection through security controls such as encrypted data backups, multi-factor authentication for desktop logins to remote control, software version control and machine learning to detect anomalies and advise. specific action.

The funding round will help drive business growth across broker networks and evolve the functionality of Elpha Secure’s products to better equip small and medium-sized businesses to defend against cyberattacks and their consequences through protection and an end-to-end response.

“We are humbled by the great investors supporting Elpha Secure and we are delighted to welcome Canapi as a new partner,” said Preetam Dutta, CEO of Elpha Secure. “Digital threats are growing in variety, frequency and intensity, so cyber insurance is becoming essential. Yet small businesses are finding that they lack adequate cyberinfrastructure to qualify for insurance. Instead of asking business owners to define and implement the required cybersecurity measures themselves, we provide these measures through our software as well as the insurance policy. We’re just getting started and look forward to expanding our reach and serving even more businesses in need in the years to come. »

“Small and medium-sized businesses today are not only more at risk than ever before of suffering a cyberattack, but they also face significant hurdles when it comes to acquiring cyber insurance policies” , said Jeffrey Reitmann, partner at Canapi Ventures. “By embedding security controls directly into their policies, Elpha Secure removes the friction associated with acquiring a cyber insurance policy, while simultaneously controlling loss ratios for their carrier partners. By offering an unprecedented solution combining both cyber protection software and insurance, Elpha Secure significantly reduces cyber risks in the system for everyone. We are excited to lead this Series A and look forward to helping fuel the growth of the business in the future. »

Elpha Secure’s team of in-house experts designed a streamlined portal experience to eliminate friction in the insurance quote, engagement and renewal process. For users, the team provides support for all their cybersecurity needs throughout the life of the policy.

Customers’ employees can easily improve and maintain the cyber health of their organization, reducing the attack surface and reducing the risk of insurance claims, thanks to Elpha Secure’s centralized suite of security controls on its intuitive platform. . The cyber insurance product is backed by two industry leading insurance companies, AXIS Surplus Insurance Company and Everest Indemnity Insurance Company.

“As a specialist insurer and reinsurer with a leading cyber practice, at AXIS we recognize the dynamism of the digital risk landscape and the importance of risk mitigation in this context,” says Linda Ventresca, Head of Digital at AXIS Capital. “Elpha Secure’s innovation in tracking, reducing and managing risk throughout the life of an insurance policy aims to improve an insured’s risk profile, ultimately delivering better experiences and better results for all stakeholders.”

Share.

Comments are closed.