Cyber Startup At-Bay Valued at $1.35 Billion After Funding Round

At-Bay Inc., an insurance startup focused on cyber coverage, raised $185 million in a funding round that valued the company at $1.35 billion.

Icon Ventures Inc. and Lightspeed Venture Partners led the round, which brought At-Bay’s total funding raised to $272 million, the company said Tuesday in a statement. The startup also said it will add Icon’s Preeti Rathi to its board.

Large, frequent ransomware attacks in the past year have spurred many insurers to pull back on coverage or raise prices. But At-Bay Chief Executive Officer Rotem Iram said his company has been able to keep the ratio of losses to premiums earned low, and is running a profitable book of business.