Kovrr, a Tel Aviv, Israel-based cyber risk modeling company, raised $5.5M in funding.
The round was led by venture capital firms StageOne Ventures, Mundi Ventures and Innocells, corporate venture arm and digital innovation hub of Banco Sabadell, and other private investors.
The company intends to use the funds for product development and global growth.
Founded in 2017 by Yakir Golan (CEO), Shalom Bublil (CRO) and Avi Bashan (VP R&D), Kovrr provides an AI platform for insurance carriers, reinsurers & government regulators to quantify and manage their affirmative and silent cyber risk exposures across all lines of insurance.
The system quantifies potential financial loss caused by various types of cyber events.
The platform uses open-source, proprietary and third-party business and threat intelligence data to train predictive cyber risk models.