Formerly known as Paladin Cyber, Upfort has raised $8 million from SYN Ventures, with participation from Eniac Ventures and Fika Ventures (Upfort seed investor). Valuation was not disclosed.
The company describes itself as a cyber security and insurance platform that can improve underwriting for cyber liability insurance.
“Upfort’s proprietary cybersecurity technology streamlines the cyber insurance purchase and underwriting process for brokers, insurers and their clients. These offerings holistically protect organizations against the leading causes of cyber claims. Upfort’s AI-powered email protection, network defense, security training, and ongoing monitoring are trained on and tuned to prevent incidents causing widespread financial damage to businesses,” according to the company’s press release on the new investment.
“’At SYN Ventures, we wholeheartedly believe in the Upfort team’s vision–and ability–to transform the way businesses approach cyber security protection and resilience overall,’ said Ryan Permeh, Operating Partner at SYN Ventures.”
The investment is part of the growing movement of pure-play cyber and insurtech companies into the rapidly growing cyber insurance sector, where legacy insurance players and new security/insurance hybrids continue to seek market share.
