Banco Sabadell's innovation hub InnoCells has joined a $5.5 million funding round for Israeli cyber-risk modelling startup Kovrr. StageOne Ventures and Alma Mundi Ventures co-led the round.
Kovrr provides insurance carriers and reinsurers with an end-to-end cyber risk modelling platform. The startup delivers data-driven insights and enables clients to quantify and manage their affirmative and silent cyber-risk exposures across all lines of insurance.
Kovrr is part of a fast growing market - the global cyber insurance security market is predicted to grow from $5 billion in premiums globally in 2019 to more than $23 billion by 2025.
Yakir Golan, CEO, Kovrr, says: "Cyberattacks 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."
Julio Martínez, InnoCells executive director, adds: “We are excited about our commitment to Kovrr’s entrepreneurial team, a startup that has launched a leading technological solution that assesses, unobtrusively and more accurately than the competition, the cyber risks that threaten various organizations today.”