KovrrIsrael-based Kovrr has raised $5.5 million in a funding round led by StageOne Ventures and Mundi Ventures, along with Spain’s Banco Sabadell and other private investors.

The predicted cyber risk modelling company will use the funds for product development and for global growth plans, it said in a statement.

Kovrr provides an end-to-end platform that delivers data-driven insights to enable insurance carriers, reinsurers and government regulators to quantify and manage their cyber risk exposures.

“Cyber-attacks cause billions of dollars of damage and currently affect every category of risk. Kovrr’s unique approach leverages data science and predictive analytics to deliver powerful and actionable capabilities that our clients need to grow their businesses and confidently act on their cyber risk management decisions,” said Yakir Golan, Chief Executive Officer, Kovrr.

“The recent funding allows us to further expand our commercial reach, data harvesting and predictive modeling capabilities,” Golan added.

The company quantifies potential financial loss which can be caused by various types of cyber events. It uses open-source, proprietary and third-party business and threat intelligence data to train predictive cyber risk models.

“Kovrr is introducing a new approach to the cyber insurance market. We are impressed with the team’s ability to develop both the technology and a product that addresses the needs of market-leading insurers,” says Rami Lachter, Principal at StageOne Ventures. “As active cyber investors, we see great potential as adjacent markets unfold and believe that Kovrr is well-positioned to become a dominant player in this fast-growing market.”

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by Krishna V Kurup
Senior Market Analyst at IBS Intelligence
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