Cyber insurer Resilience raises $100m in Collection D funding spherical

Cyber insurance coverage firm Resilience has raised $100m in its Collection D funding spherical led by Intact Ventures, a unit of Intact Insurance coverage.

Lightspeed Enterprise Companions, Common Catalyst and Founders Fund additionally participated within the spherical.

Resilience claims that the worldwide price of cyberattacks is prone to attain $10.5tn by 2025.

The US-based firm plans to make use of the funding to scale Resilience Resolution, a cyber threat platform launched in Might this 12 months.

Resilience Resolution leverages a synthetic intelligence platform to assist clients in evaluating their cyber threat and prioritising their safety programme based mostly on a research of the return on funding of their measures.

The proceeds may also be used to speed up the cyber insurer’s world growth.

Resilience caters to each main and extra clientele within the US, UK, Canada, Eire, Italy, Spain, and the Nordic nations.

Resilience CEO and co-founder Vishaal Hariprasad stated: “The rise in ransomware assaults proves that there are longstanding gaps in as we speak’s cybersecurity and cyber insurance coverage practices.

“As a substitute, enterprises want a means to have a look at their cyber threat in an built-in, economically environment friendly, and predictable method. This funding will speed up our mission to make this a actuality for extra firms all over the world.”

Intact Ventures head of investments Justin Smith-Lorenzetti stated: “We’re desirous to proceed pairing the revolutionary cybersecurity options and experience of Resilience with the insurance coverage experience of Intact Insurance coverage’s underwriting firms as Resilience’s main capability supplier.”

Final September, Resilience launched its operations in London to cater to the UK market.