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In this advanced era, businesses of every size increasingly depend on technology, regardless of the industry. Among all the benefits of innovation, the digitized economy also creates cyber risk at a higher magnitude. These new risks are complex and old ways of managing them don’t work in the digital age.
Even though cyber insurance is among the fastest-growing markets, the incumbents still rely on standardized checklists and irrelevant actuarial data to model risk. However, AT-Bay is an industry-leading Insuretech company focusing on customized and real-time risk monitoring and reduction for its clients.
Read further to uncover more about At-Bay, from its founders and startup story to products, business model, funding, acquisition, and a lot more.
At-Bay – Company Highlights
| Company Name | At-Bay |
|---|---|
| Headquarters | San Francisco, California, United States |
| Sector | Cybersecurity Insurance |
| Founders | Rotem Iram, Etai Hochman, and Roman Itskovich |
| Founded In | 2016 |
| Valuation | $1.4 billion (2022) |
| Website | At-bay.com |
At-Bay – About
At-Bay – Industry
At-Bay – Founders and Team
At-Bay – Startup Story
At-Bay – Mission and Vision
At-Bay – Business Model
At-Bay – Products and Services
At-Bay – Funding and Investors
At-Bay – Mergers and Acquisitions
At-Bay – Growth
At-Bay – Partners
At-Bay – Awards and Achievements
At-Bay – Competitors
At-Bay – About
At-Bay combines advanced technology with industry-leading insurance to help clients meet digital risk heads-on. The company partners with business owners and businesses to provide insurance products and active risk monitoring for small to large organizations in every industry.
Its hubs are located globally in New York City, Atlanta, Tel Aviv, Mountain View, Chicago, Los Angeles, and San Francisco. Over 30,000 policyholders of At-Bay experience 80% fewer ransomware attacks compared to the industry average.
At-Bay – Industry
At-Bay operates in the cyber insurance market. When it comes to cyber insurance, it’s a type of digital insurance plan that protects companies from the costs of Internet-based attacks that could affect information governance, information policies, and IT infrastructure.
In 2022, the global market size of cyber insurance was estimated at $13.33 billion and was projected to grow to $84.62 billion by 2030 with a CAGR of 26.1%. Cyber insurance demand surged instantly due to remote working amid the pandemic. Now small to large enterprises are using insurance policies to get full cyber coverage to protect themselves against cyber-attacks and data breaches.
Apart from At-Bay, AIG, Chubb, Hiscox, The Travelers Companies, Beazley, and Zurich Insurance Group are revolutionizing the cyber insurance industry.
Shruti Kasera
At-Bay – Founders and Team
Rotem Iram, Etai Hochman, and Roman Itskovich are the co-founders of At-Bay.
Rotem Iram
Rotem Iram completed BSC in Computer Engineering from The Hebrew University of Jerusalem and attended Harvard Business School for an MBA. He is the ex-Software Engineer of RAD data Communication and an ex-Consultant of McKinsey & Company.
Moreover, Rotem worked as K2 Intelligence’s Chief Operating Officer. He co-founded At-Bay and is working as the company’s CEO.
Etai Hochman
Etai Hochman graduated from Bar-Ilan University with BSc in Applied Mathematics and completed his MBA from Tel Aviv University. He has worked at Intucell as Software Engineer and Team Lead / Scum Master.
Etai is the ex-Product Manager of Cisco. Currently, he is the Co-Founder and Board Observer & Advisor of At-Bay. In addition, he also co-founded Mirato and is working as its CTO.
Roman Itskovich
Roman Itskovich went to Tel Aviv University to pursue BA in Economics and Accounting. He has completed his MBA from Harvard Business School. Roman held the role of Consultant at McKinsey & Company and Senior Associate at Bain Capital.
Additionally, he has been the ex-VP of Financial Products at Ebury. At present, he is the Co-Founder and Chief Risk Officer (CRO) of At-Bay.
At-Bay is a team of 280+ analysts, developers, designers, underwriters, and other professionals.
At-Bay – Startup Story
At-Bay was founded in 2016 by Etai Hochman, Rotem Iram, and Roman Itskovich to empower businesses to thrive in the digital world. In 2018, the company launched its 2019 cyber insurance policy from across the US.
It launched its first automatically underwritten tech E&O Policy in 2020. The company expanded its insurance offerings by launching Miscellaneous Professional Liability products in August 2022.
In January 2023, At-Bay launched its New Admitted Cyber Insurance Product for small businesses, approved in 47 states. Moreover, the same year, the company became a full-stack insurance carrier because it acquired At-Bay Specialty Insurance Company from XL Insurance America.
At-Bay – Mission and Vision
At-Bay aims to protect small businesses from cyber risk. The company’s vision is to challenge industry conventions and reimagine ways to assess cyber risk.
At-Bay – Business Model
At-Bay monitors the perimeter of its customers’ networks and alerts them to security risks and vulnerabilities. The company’s cyber security research and modeling approach help it predict future risks based on emerging threats. Furthermore, At-Bay enables customers to quickly close security holes by preventing network intrusions and data breaches and avoid loss by scanning for new vulnerabilities.
At-Bay’s partnership with brokers allows it to deliver security and financial exposure insights to the clients and design a proactive, comprehensive risk management program.
At-Bay – Products and Services
At-Bay offers Cyber, Tech E&O, and MPL insurance products.
At-Bay – Funding and Investors
At-Bay has undertaken 8 funding rounds to raise a total of $295.7 million. Its latest funding round – Venture Series Unknown, was raised on September 2, 2022, and secured $3.7 million. At-Bay is backed by leading investors, including Glilot Capital, Lightspeed Venture Partners, Acrew Capital, and the HSB fund of Munich Re Ventures, M12.
| Date | Round | Number of Investors | Money Raised | Lead Investor |
|---|---|---|---|---|
| September 2, 2022 | Venture Round | – | $3.7 million | – |
| October 13, 2021 | Series D | 1 | $20 million | ION Crossover Partners |
| July 27, 2021 | Series D | 9 | $185 million | Icon Ventures, Lightspeed Venture Partners |
| December 8, 2020 | Series C | 7 | $34 million | Qumra Capital |
| April 22, 2020 | Series B | 1 | – | – |
| February 20, 2020 | Series B | 5 | $34 million | Acrew Capital, Munich Re Ventures |
| May 9, 2018 | Series A | 4 | $13 million | Keith Rabois, Yoni Cheifetz |
| November 17, 2017 | Seed Round | 3 | $6 million | Lightspeed Venture Partners |
At-Bay – Mergers and Acquisitions
At-Bay acquired Relay Platform on August 22, 2022.
At-Bay – Growth
At-Bay surpassed $160 million in annual recurring revenue (ARR) on 800% YOY premium growth in the second quarter of 2021. Later in 2022, the company surpassed $380 million in annual recurring gross written premium (ARGWP). Its estimated revenue in 2022 was $186.9 million, with annual revenue of $40.1 million and $146,917 revenue per employee.
Moreover, it was valued at $1.4 billion in 2022. Its employee count increased by 44% last year, and monthly web visit growth is 55.6%, with 15,225 monthly visits.
At-Bay – Partners
At-Bay’s partners include the following listed digital platforms, insurance carriers, and professional associations:
- Microsoft
- Munich RE
- HSB
- Trisura
- Cloudflare
- BTIS
- Builders & Tradesmen’s Insurance Services
At-Bay – Awards and Achievements
At-Bay was named among the Top 50 Insuretech Startups by CB Insights in 2022
At-Bay – Competitors
Competitors of At-Bay include the following:
- Cowbell Cyber
- Corvus Insurance
- CyberCube
- BitSight
- Slice Labs
- Trov Inc
- Kin Insurance Inc
- Trov Inc
FAQs
What does At-Bay do?
At-Bay combines advanced technology with industry-leading insurance to help clients meet digital risk heads-on. The company partners with business owners and businesses to provide insurance products and active risk monitoring for small to large organizations in every industry.
Who founded At-Bay?
Rotem Iram, Etai Hochman, and Roman Itskovich are the co-founders of At-Bay.
Who are the main competitors of At-Bay?
Competitors of At-Bay include the following:
- Cowbell Cyber
- Corvus Insurance
- CyberCube
- BitSight
- Slice Labs
- Trov Inc
- Kin Insurance Inc
- Trov Inc