Fintech VC Canapi Ventures led the round in Elpha, which claims to be the first cyber insurance startup “to combine proprietary cybersecurity software with coverage to improve risk transfer.”
Fused cybersecurity/insurance platforms continue to appear, but Elpha is apparently differentiated enough for its well-known pre-A investors to join the round. According to the company, they’re: Stone Point Ventures, AXIS Capital, State Farm Ventures®, The Hartford STAG Ventures, Fermat Capital Management, and EOS Venture Partners.
“As part of the company’s offerings, insureds gain enhanced coverage with a single software installation that brings greater cyber protection through security controls like encrypted data backups, multi-factor authentication for remote desktop connections, software version control, and machine learning to detect anomalies and advise specific action,” Elpha said.
Source: Elpha Secure Raises $20 Million in Series A Funding Led by Canapi Ventures | Business Wire