CyberFortress, a San Antonio-based insurtech startup focused on protecting e-commerce companies from cyber threats, closed a $3m seed funding.
The round was co-led by Greycroft and LiveOak Venture Partners. In conjunction with the funding, Venu Shamapant, founding partner of LiveOak, will join the Board of Directors.
The company intends to use the funds to expand its product development team in order to accelerate its product launch in the Texas market, which is anticipated for early 2020.
Formed in 2018 and led by Huw Edwards, CEO, CyberFortress is building a parametric, online revenue interruption policy for e-commerce companies that insures them against the risk of downtime resulting from a wide range of potential cyber events including cyber attacks, internal errors, or third-party failure.
The company has already begun helping e-commerce companies manage their cyber risk, having launched its Downtime Risk Assessment in June. This tool uses proprietary data collection technology and machine learning methods to assess an e-commerce company’s risk of suffering downtime, using just their business email address, and is free and accessible on CyberFortress’s website.