US-based cybersecurity insurance provider At-Bay expanded a series D round backed by computing technology producer Microsoft and reinsurance firm Munich Re to $205m on Wednesday.
The company closed a $20m extension from Ion Crossover Partners at a valuation of $1.35bn, adding to a $185m first close in July this year featuring Microsoft unit M12 and Munich Re Ventures, the venture capital arm of Munich Re.
VC firms Icon Ventures and Lightspeed Venture Partners co-led the first tranche and were also joined by Khosla Partners, Acrew Capital, Glilot Capital, Qumra Capital and Shlomo Kramer.
At-Bay provides insurance to protect against the effects of IT intrusions or failures such as cyberattacks or data breaches.
Rotem Iram, co-founder and chief executive of At-Bay, said: “At-Bay’s success helping [small and medium-sized businesses] experience fewer ransomware incidents is resonating with customers and investors alike.
“Ion has an impressive track record of shepherding startups to successful outcomes and we are proud to have them as an investor.”
M12 and Munich Re Ventures also took part in a $34m series C round for the company in December 2020 alongside Qumra Capital, which led the round, Lightspeed Venture Partners, Acrew Capital, Khosla Ventures and Shlomo Kramer.
At-Bay’s $34m series B round was co-led by Munich Re Ventures and Acrew Capital 10 months earlier, with participation from Khosla Ventures, Lightspeed Venture Partners and Shlomo Kramer, the last three having already supplied it with $6m in seed capital in 2017 and $13m in series A funding the following year.
