Cyber insurance provider Resilience has announced that it has closed an $80 million Series C funding round co-led by General Catalyst and Corey Thomas of Rapid7, with participation from Lightspeed Venture Partners, Founders Fund, Charles River Ventures, Shield Capital, and Intact Ventures.
The investment comes as Resilience moves forward with plans for middle-market expansion and international growth. With ransomware claims spiking over the past year, the hardened cyber insurance market has allowed innovative newcomers to thrive, the company said.
“We took a deliberate approach entering the middle market,” said Vishaal Hariprasad, CEO of Resilience. “Our clients are discerning buyers with sophisticated infrastructure. We proactively connect their security postures with their insurance policy, not as vendors, but as partners. That personal, integrated approach of transparency and action is what makes us so different.”
Resilience has built an “Insecure + Secure” business model that provides both customized insurance and security services to its clients. A team of in-house security engineers engage with customers from risk assessment to post-bind vulnerability monitoring, the company said.
“Resilience is building the leading cyber risk and response platform for the insurance industry, helping mid-market enterprises identify and integrate the best insurance and security solutions for their business needs,” said David Fialkow, founder and managing partner of General Catalyst. “It’s more than risk mitigation – it’s bespoke security solutions combined with an insurance policy that provides clarity and certainty. General Catalyst is proud to co-lead this funding round with Corey Thomas, as we believe Resilience’s integrated model is the future of cyber risk.”
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Resilience is also working with the government and the private sector to bridge the gap between insurance and security, the company said. In August, Hariprasad was invited to the White House by President Joe Biden to discuss the role insurance can play in fighting ransomware.
“Resilience’s expertise, combined with an innovative approach to cyber risk, deliver unparalleled value for clients,” said Michael Miller, CEO of global specialty lines at Intact Insurance Specialty Solutions. “The team has seen tremendous progress in the past year, setting the course for responsible and profitable growth. Intact Insurance Specialty Solutions is pleased to be a carrier partner.”
