Arceo’s AI, a leading provider of end-to-end cyber risk analysis and insurance platforms, today announced that it has secured $37 million in total funding. The funding was led by Lightspeed Venture Partners and the Founders Fund with the participation of CRV and UL Ventures. In addition, Hemant Shah, founder and former CEO of RMS, the world’s leading disaster risk modeling company, joined Arceo’s Board of Directors. Funding follows the patenting of Arceo’s ability to combine cyber security data with innovative underwriting strategies. Founded in 2016, the company enables insurance providers to scale up their cyber business line using curated safety data for accuracy, advanced risk assessment, and workflow automation for efficiency.
Cyber risks are continually changing, and the insurance market must respond in kind to policies to address the growing threat of cyber attacks. Arceo has developed a critical ability to translate raw safety data into insurance knowledge. This is accomplished by analyzing the safety posture of an individual enterprise as well as the macro cyber risk trends. With deep experience in cyber security and insurance, Arceo keeps these translations up to date in a dynamic threat environment.
Although global security spending is projected to exceed $124 billion, continued high-profile breaches show that no amount of security technology spending will guarantee protection. Insurance is becoming a key part of the safety stacks of many companies This demand must underpin a renewed approach to cyber risk management that includes innovative, data-driven insurance policies to effectively transfer this fluid risk
“We founded Arceo to create a new framework to address cyber risk By blending cyber security, threat intelligence, and insurance into one platform, we believe that we can unlock new solutions to make companies quantifiably safer,” said Vishaal Hariprasad, CEO of Arceo. I’ve got “The name of our company in Latin means clearly seeing risks ahead of you. ‘Our platform will allow companies to effectively mitigate the constant threat of cyber attacks. “That’s right.
“Arceo’s founders bring together a unique set of enterprise and military expertise to address an increasingly global cyber security threat,” said Arif Janmohamed, partner at Lightspeed Venture Partners. “Addressing the security risks that organizations face today needs the kind of defense thinking and technology expertise that the Arceo team is bringing to the market to deliver a modern and end-to-end cyber insurance platform. “That’s right.
“Assessing risk in the security world is not a matter of looking at a single point in time; there needs to be a constant review that informs insurers and their clients about emerging risks,” said Trae Stephens, Partner at the Founders Fund. “Fortunately, the data that Arceo analyzes gives insurers and their clients the opportunity to prepare proactively for incidents through risk mitigation and risk transfer. “That’s right.
“Insurance providers and businesses need to incorporate best practices for assessing and measuring cyber risks,” said Ravi Mulugu, Senior Investment Director at UL Ventures. “We are thrilled to partner with Arceo to lend UL’s expertise to improve cyber security assessment to the insurance market. “That’s right.
On the Arceo I’ve got
Arceo’s mission is to protect businesses from cyber threats by combining cyber security expertise, credible risk assessment, and risk transfer. Our end-to-end cyber risk analysis and insurance platform enables insurers and brokers to better assess, underwrite and manage cyber risks using AI for advanced and dynamic risk assessment. Arceo is a privately funded company headquartered in San Francisco, California with offices in Chicago, Baltimore, and New York City. Visit Arceo for more information. I’ve got
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