Montreal-based startup Inscora, which specializes in automated cyber risk assessment and sales enablement tools for cyber insurance brokers, has successfully raised $2 million in funding.
The funding round was spearheaded by Luge Capital, with significant contributions from Desjardins Capital, Accelia Capital, Inovia Capital, and various angel investors from the cybersecurity sector.
The startup’s platform offers insurance brokers a “modern approach” to cyber brokerage. It will allow brokers to efficiently and accurately evaluate a company’s cyber risk profile, assist clients in adopting cybersecurity best practices, and significantly speed up the cyber insurance application process.
Inscora chief executive Gabriel Tremblay (pictured centre with co-founders Pierre-David Oriol and Guillaume Raymond) highlighted: “We have spent our careers developing products that help organizations protect themselves against cyberattacks.
“Inscora represents a unique opportunity to apply this expertise to the ever-evolving field of cyber insurance and improve the efficiency of insurance brokers as well as the security posture of the insured clients. We are thrilled to have the support of such esteemed investors to help us now go to market.”
The CEO is a seasoned entrepreneur in cybersecurity and a co-founder of Delve Labs, which was acquired by Secureworks. Oriol previously held the position of product vice president at Delve Labs, while Raymond served as engineering director at now Sun Life-owned digital health company Dialogue.
David Nault, general partner at Luge Capital, cited the industry’s challenges, saying: “We have seen, first hand, how complex purchasing cyber insurance can be and the lack of tools available to the insurance industry to guide clients to implement stronger security measures within their organizations. Inscora is solving both of these important issues to support the ever-evolving cyber insurance industry.”
The new funding will be directed toward further developing Inscora’s platform, expanding the team, and launching the product in Canada and the US. Currently, Inscora is collaborating with select partners in the insurance industry through an early trial program.
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