Arceo.ai, a US-based developer of cyber risk assessment and insurance trading tools, has collected a total of $37m in funding from investors including UL Ventures, the corporate venturing arm of safety and regulatory services provider UL.
Lightspeed Venture Partners and Founders Fund co-led the round, which also featured fellow venture capital firm CRV. It followed an undisclosed amount of seed funding from Lightspeed and CRV when the company was founded in 2016.
Arceo has created a software platform that helps insurance brokers and carriers protect their businesses against cyber threats, assess risk in detail and automate parts of the underwriting process.
The product uses artificial intelligence to convert raw security data into usable information by combining analysis of a customer’s individual profile with wider cybersecurity trends.
Ravi Mulugu, senior investment director at UL Ventures, said: “Insurance providers and enterprises need to incorporate best practices to evaluate and measure cyber risks. We are thrilled to be partnering with Arceo, lending UL’s expertise to improve cybersecurity assessment for the insurance market.”