SecondSight has announced the launch of an AI-driven platform for “inside-out” underwriting, alongside an “oversubscribed” $3 million seed round of financing led by Tim Crown (co-founder of Insight Enterprises) with participation from Indiana Ventures, Cook Ventures, and Flywheel Fund, among other investors.
SecondSight states that its product is the insurance industry’s first AI-driven platform for underwriting that businesses and cyber insurance providers can use to see true digital risk with complete clarity.
It adds that it will enable cyber insurance providers the ability to quantify risk severity based on the digital assets and liabilities of an organisation.
Reuben Vandeventer, CEO and founder of SecondSight, commented, “SecondSight was created to help businesses make sense of their digital assets — and find the true digital risk and value in them.”
The company expects the new funding to accelerate market adoption and to impact the cyber insurance industry.
Vandeventer added, “Digital risk is only meaningful and actionable for business stakeholders when it’s connected to the bottom line. We founded SecondSight to offer a fundamentally different approach to underwriting that connects the entire digital risk ecosystem while offering a powerful autonomous system.”
“At a time when cyber losses are growing at 50% per year but less than 1% of the global cyber losses are insured, SecondSight has built an industry-first solution that is poised to transform digital risk management and cyber insurance for the entire digital risk ecosystem in ways that have not been possible before.”
