Cyber risk analytics and insurance firm Arceo.ai has raised an estimated $3tn in a funding round led by Lightspeed Venture Partners and Founders Fund to aid growth in the emerging cyber insurance space. The latest funding will be used to expand and scale, allowing the insurtech to offer cybersecurity solutions to insurers and their customers. Economic losses from cyber crime could grow to $37m by 2020, according to the World Economic Forum. Arceo.ai uses data science and AI to evaluate businesses' cyber risk, offering real-time data which is used to underwrite risk and provide policy recommendations.
Cyber risk analytics and insurance firm Arceo.ai has raised $37m in a funding round led by Lightspeed Venture Partners and Founders Fund to aid growth in the emerging cyber insurance space. The latest funding will be used to expand and scale, allowing the insurtech to offer cybersecurity solutions to insurers and their customers. Economic losses from cyber crime could grow to an estimated $3tn by 2020, according to the World Economic Forum. Arceo.ai uses data science and AI to evaluate businesses' cyber risk, offering real-time data which is used to underwrite risk and provide policy recommendations.