Elpha Secure Technology, a New York-based cyber insurance startup, raised $20M in Series A funding.
The round was Canapi Ventures, with participation from Stone Point Ventures, AXIS Capital, State Farm Ventures, The Hartford STAG Ventures, Fermat Capital Management, and EOS Venture Partners.
The company intends to use the funds to drive business growth across broker networks and evolve its product features to equip small and midsize businesses to defend against cyberattacks and their consequences with protection and response.
Led by CEO Preetam Dutta, Elpha Secure provides a cyber protection solution for small and midsize businesses that combines proprietary cybersecurity technology with insurance policies. It combines cyber insurance with security software and support for a cyber defense in a single product designed for small and midsize businesses. Built upon a belief that all business owners should have access to the tools they need to function safely in the digital age, the company provides software, the protective measures needed to qualify for cyber insurance, and the insurance itself.
The cyber insurance product is backed by two insurance carriers, AXIS Surplus Insurance Company and Everest Indemnity Insurance Company.
FinSMEs
06/10/2022