Elpha Secure Technologies has completed a $20m Series A funding round led by Canapi Ventures, with participation from Stone Point Ventures, AXIS Capital, State Farm Ventures, The Hartford STAG Ventures, Fermat Capital Management, and EOS Venture Partners.
Elpha Secure provides a cyber protection solution for small and midsize businesses that marries proprietary cybersecurity technology with insurance policies.
The funding round is set to improve the function of this product, and better businesses’ defence against cyberattacks and their consequences with end-to-end protection.
The firm states it will also drive business growth across broker networks.
Preetam Dutta, CEO of Elpha Secure, commented, “We are humbled by the great investors supporting Elpha Secure and we are thrilled to welcome Canapi as a new partner.
“Digital threats are growing in variety, frequency, and intensity, so cyber insurance is becoming indispensable. Yet, smaller businesses are finding they don’t have adequate cyber infrastructure to qualify for insurance.
“Instead of challenging 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 only just getting started, and we look forward to expanding our reach and serving even more businesses in need in the years to come.”
Jeffrey Reitman, Partner at Canapi Ventures, added, “Today’s small and midsized businesses are not only at a greater risk than ever of suffering a cyberattack, but they also face significant hurdles when it comes to acquiring cyber insurance policies.
“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.
“In offering an unprecedented solution that newly combines both cyber protection software and insurance, Elpha Secure greatly reduces the cyber risks in the system for all. We’re so excited to be leading this Series A and look forward to helping fuel the company’s growth into the future.”
Elpha Secure states that its in-house team has crafted a streamlined portal experience to eliminate friction in the insurance quoting, binding, and renewal process, providing support for all their users’ cybersecurity needs throughout the life of the policy.
The cyber insurance product is backed by two industry-leading insurance carriers, AXIS Surplus Insurance Company and Everest Indemnity Insurance Company.
Linda Ventresca, Head of Digital at AXIS Capital, said, “As a specialist insurer and reinsurer with a leading cyber practice, we at AXIS recognize the dynamism of the digital risk landscape and the importance of risk mitigation against this backdrop.
“Elpha Secure’s innovation in monitoring, reducing, and managing risk throughout the life of an insurance policy aims to improve an insured’s risk profile, ultimately delivering better experiences and outcomes for all stakeholders.”
