Sayata Labs, a new insurtech start-up focused on cyber risk assessment for insurers and SMBs, has announced today that it has launched with $6.5 million in seed funding.
The Tel Aviv-based company is already partnering with re/insurance broker AXA to enhance its cyber risk capabilities, while Israeli venture capital firm Elron led the initial round of funding.
Sayata explained that its technology uses advanced cybersecurity and data science expertise to provide insurers with the ability to quickly and accurately assess cyber risk, as well as provide policyholders with mitigation recommendations to improve their cyber risk posture.
Using AI-based algorithms, Sayata can analyse a range of data sources linked to cyber breaches and provide insurers and SMBs with cyber loss insights and determine levels of cyber-threat exposure.
“This investment is a vote of confidence in Sayata’s approach to assessing cyber risk and our technology,” said Asaf Lifshitz, Co-Founder and CEO of Sayata Labs. “Sayata is pioneering a new approach to cyber insurance underwriting with an enterprise-grade solution and technology never before available to the SMB market.”
“Our proprietary solution thoroughly assesses a company’s risk exposure, providing unmatched visibility to facilitate superior risk selection and modeling so insurance carriers can grow their SMB portfolio profitably and with confidence,” he continued.
Guillaume Borie, CEO of AXA Next, and AXA Group Chief Innovation Officer, also commented: “Protecting our clients against cyber risks is one of our top priorities, which is why AXA partners with trusted, best-in-class solution providers.
“With Sayata, we can both improve our risk selection, as well as advance our clients’ cybersecurity protection, which helps us partner with our clients effectively.”
“We view Sayata’s technology as a real game changer for cyber insurers underwriting SMBs.” added Zohar Rozenberg, VP of Cyber Investments at Elron.
“Currently, insurers are underwriting these policies with little visibility or insight into the risk. Sayata is changing this reality by simultaneously raising the overall cyber security standard for SMBs and insurers by providing both parties with a far greater understanding of cyber security posture,” Rozenberg explained.
“This enables both insurers and insureds to significantly reduce their risk. As a cyber security focused investor, Sayata is the best solution we have seen for the fast-growing cyber insurance industry.”
Sayata stated that its solutions are designed to be scalable and intuitive, while remaining at a price that can fit within a typical SMB underwriting budget.