Valuation
$1.35B
+97% from Aug 2021
Total Raised
~$292M
Across 6 priced rounds
Policies in Force
~80K
#2 US cyber MGA
Loss Ratio
<60%
Best-in-class for cyber
Funding History
Total raised: ~$292M · Latest valuation: $1.35B
| Round | Date | Amount | Valuation | Key Investors |
|---|---|---|---|---|
| Seed | 2017 | $6M | — | LightSpeed Venture PartnersKhosla Ventures |
| Series A | Mar 2018 | $13M | — | LightSpeed (lead) |
| Series B | Oct 2019 | $34M | — | Qumra Capital (lead)Munich Re Ventures |
| Series C | Mar 2021 | $34M | $315M | Qumra (lead) |
| Series D | Aug 2021 | $85M | $685M | Acrew Capital (lead)ICONIQ Growth |
| Series E | Jul 2022 | $120M | $1.35B | ICONIQ Growth (lead)AcrewGlilot Capital |
Product Specifications
| System | Type | Status |
|---|---|---|
| Cyber Insurance | MGA — SMB + mid-market cyber policies | Production (~80K policies) |
| Tech E&O | Errors & omissions for technology companies | Production |
| At-Bay Security | MDR + vulnerability monitoring bundled with policy | Production (2023+) |
| Active Risk Monitoring | Continuous external scanning + email security | Production |
Partnerships & Investors
Munich ReInvestor + Capacity
Strategic Series B investor; major reinsurance capacity provider
Lloyd's of LondonCapacity
Multi-syndicate paper for cyber + tech E&O
ICONIQ GrowthInvestor
Lead Series E investor; board observer rights
Key Milestones
2016
Company Founded
Rotem Iram (Israeli cyber background) and Roman Itskovich launch At-Bay in Mountain View to combine cyber insurance with active security monitoring
2018
First Policies Issued
Begins underwriting cyber + tech E&O for SMB through US broker channel; introduces vulnerability scanning at quote
Oct 2019
Munich Re Strategic
Munich Re joins Series B as strategic — provides capacity + signals cyber as priority risk pool
Aug 2021
Series D at $685M
Acrew + ICONIQ co-lead amid ransomware-driven hard market; cyber rates +25-100% YoY industry-wide
Jul 2022
Unicorn Status
Series E $120M at $1.35B; second-most-valued US cyber-insurance pure-play after Coalition
2023
Security Service Pivot
Launches At-Bay Security as integrated MDR (managed detection and response) offering bundled with policies — security-as-loss-prevention thesis
2024
Coverage Expansion
Adds Tech E&O and Miscellaneous Professional Liability lines; ~80,000 SMB policies in force
2025
Profitability Approached
Reportedly approaching underwriting profitability via security-bundle moat; cyber market softens but At-Bay loss ratio stays sub-60%
Mar 2026
Coalition Competitive Pressure
Coalition's Lloyd's syndicate move drives broker share competition; At-Bay launches European pilot via partner carrier