US-based cyber insurance provider Resilience has secured $80m in series C funding from investors including Intact Ventures, the venture capital subsidiary of property and casualty insurance firm Intact Financial.
Venture capital firm General Catalyst also co-led the round with Corey Thomas, CEO of cybersecurity software provider Rapid7, while Lightspeed Venture Partners, CRV, Founders Fund and Shield Capital also participated
Founded in 2016 as Arceo.ai, Resilience offers mid-market companies insurance against cyber threats like ransomware attacks and also provides cybersecurity solutions themselves through an ‘insure + secure’ approach.
Proceeds from the round will be used to accelerate the rollout of the company’s product across North America and globally as it plans to expand further into the middle market.
Lightspeed Venture Partners and Founders Fund had previously co-led a funding round of undisclosed size in September 2019 that brought Resilience’s total funding to $37m, investing with safety and regulatory services provider UL’s corporate venturing arm, UL Ventures, and CRV.
CRV and Lightspeed Venture Partners had also provided an undisclosed amount of seed capital when the company was founded in 2016.
Vishaal Hariprasad, Resilience’s chief executive, said: “We took a deliberate approach entering the middle market. Our clients are discerning buyers with sophisticated infrastructure.
We proactively connect their security posture with their insurance policy, not as vendors, but as partners. That personal, integrated approach of transparency and action is what makes us so different. This funding round signals that the market is ready for our insure + secure model.”
