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Cyberinsurance Startup Elpha Safe Raises $20 Million

By Ionut Arghire on October 07, 2022

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Cyberinsurance startup Elpha Safe this week introduced that it has raised $20 million in a Collection A funding spherical led by Canapi Ventures.

Current traders AXIS Capital, EOS Enterprise Companions, Fermat Capital Administration, The Hartford STAG Ventures, State Farm Ventures, and Stone Level Ventures participated.

Based in 2018, the New York-based firm presents an answer that brings collectively cybersecurity and insurance coverage insurance policies, particularly tailor-made for small and midsize companies.

Elpha Safe gives clients with protections equivalent to encrypted information backups, multi-factor authentication (MFA) for distant desktop connections, anomaly detection through machine studying, and software program model management.

The corporate additionally claims that it may possibly assist clients’ workers enhance and preserve their group’s cyberhealth, to scale back assault floor and remove dangers.

The brand new funding will assist Elpha Safe drive enterprise progress and enhance product options with end-to-end safety and response.

“Smaller companies are discovering they don’t have ample cyber infrastructure to qualify for insurance coverage. As an alternative of difficult enterprise house owners to outline and implement the required cybersecurity measures themselves, we offer these measures via our software program in addition to the insurance coverage coverage,” Elpha Safe CEO Preetam Dutta mentioned.

Associated: Quantum-Secure Communications Startup Qunnect Raises $eight Million

Associated: RealDefense Raises $30 Million to Purchase Extra Privateness, Cybersecurity Companies

Associated: Internet Safety Firm Detectify Raises $10 Million

Associated: Malwarebytes Raises $100 Million From Vector Capital

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