Upfort, a cyber security and insurance platform, recently announced it has raised $8 million in a Series A funding round led by SYN Ventures, with participation of Eniac Ventures and Fika Ventures, which co-led Upfort’s seed round. Here’s the word;
This investment advances Upfort’s goal to simplify the way brokers and insurers sell insurance and shield their clients from cyber threats – a trillion dollar drain on the economy, with ransomware attacks alone affecting 66% of organizations in 2022.
Upfort revolutionizes how cyber risk is assessed and managed, empowering insurers and brokers to dramatically reduce their clients’ exposure to cyber attacks. In fact, in a recent 18-month study of a leading cyber insurance program, policyholders that fully implemented Upfort Shield saw significantly fewer security breaches and claims, with the likelihood of filing a claim decreasing by 80%. Upfort allows organizations to fully address their cyber security needs–from risk management tools to insurance policies–through one easy-to-use platform.
“Upfort was founded as a comprehensive cyber platform to safeguard businesses against evolving threats and new risks. The new investment will enable us to build on these efforts as we continue our mission of accelerating the world’s journey toward cyber resilience,” said Xing Xin, Upfort CEO and Co-Founder. “We are grateful for the ongoing support of all of our investors, including SYN Ventures, as we fundamentally transform the economics of cyber risk. Today’s announcement is a testament to their trust and support of our work to bolster cyber resilience for companies worldwide.”
Businesses can leverage the best in modern cyber protection by partnering with Upfort, and there are a myriad of benefits to them, including transforming a historically cumbersome and costly process: cyber insurance underwriting. Upfort’s proprietary cybersecurity technology streamlines the cyber insurance purchase and underwriting process for brokers, insurers and their clients. These offerings holistically protect organizations against the leading causes of cyber claims. Upfort’s AI-powered email protection, network defense, security training, and ongoing monitoring are trained on and tuned to prevent incidents causing widespread financial damage to businesses.
“At SYN Ventures, we wholeheartedly believe in the Upfort team’s vision–and ability–to transform the way businesses approach cyber security protection and resilience overall,” said Ryan Permeh, Operating Partner at SYN Ventures. “In an age of rising cybercrime, Upfort equips organizations with the tools they need to protect themselves against the threat of cyberattacks, prevent losses, and analyze risk more intelligently. We are excited to spearhead the Series A funding round for Upfort – can’t wait to see all it does next.”
The Series A fund was led by SYN Ventures, with additional participation from Eniac Ventures, Fika Ventures, Altai Ventures, Chaos Ventures, Aquila Capital Partners, Gaingels and Cyber Mentor Fund.
Today’s announcement comes amid a series of pivotal developments and company milestones for Upfort. Last month, Upfort announced its transition from Paladin Cyber to Upfort, reflecting the company’s expanded capabilities as a one-stop shop for businesses’ cyber security and insurance needs.
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