Sayata Labs attracts $6.5m seed funding for cyber insurance tech
Enterprise-grade cyber risk assessment company Sayata Labs has emerged from stealth with $6.5 million in seed funding for its advanced cybersecurity technology, reports Jane Connolly.
The Tel Aviv-based company claims to offer insurers and brokers the deepest cyber risk assessment solution in the cyber insurance industry for SMBs, with technology that has never been seen before in the SMB market.
Powered by AI-based algorithms, the solution provides insurers and SMBs with data-driven insights specifically related to actual cyber losses, giving them the ability to thoroughly assess a company’s cyber risk exposure.
Sayata Labs is already partnering with global insurance company AXA. The funding round was led by Elron, an Israeli early stage venture capital firm specialising in cyber.
“We view Sayata’s technology as a real game changer for cyber insurers underwriting SMBs,” says Zohar Rozenberg, VP of cyber investments at Elron.
“Currently, insurers are underwriting these policies with little visibility or insight into the risk. Sayata is changing this reality by simultaneously raising the overall cybersecurity standard for SMBs and insurers by providing both parties with a far greater understanding of cybersecurity posture.”
As well as insights to better assess cyber risk, Sayata also delivers actionable recommendations to help insured companies improve their cybersecurity standards.