SAN FRANCISCO, Aug. 07, 2023 (GLOBE NEWSWIRE) -- Resilience today announced a $100MM equity financing round to accelerate its global expansion and scale the adoption of its holistic cyber risk platform, the Resilience Solution, which launched earlier this year. The Series D round was led by Intact Ventures, an affiliate of Resilience’s primary capacity provider, Intact Insurance’s underwriting companies, with participation by Lightspeed Venture Partners, as well as General Catalyst and Founders Fund.
With global cybercrime set to eclipse $10.5 trillion by 2025, enterprises are finding that the status-quo siloed approach that governs security decision-making today isn’t keeping up. By connecting leaders in finance, risk, and security, the Resilience Solution provides clients with a new way to assess, measure, and manage their cyber risk. Built on the company’s financially-proven AI platform, the Resilience Solution enables policyholders to quantify their cyber risk and prioritize their security program based on a return-on-investment analysis of their controls.
“The increase in ransomware attacks proves that there are longstanding gaps in today’s cybersecurity and cyber insurance practices,” said Vishaal “V8” Hariprasad, CEO and Co-Founder of Resilience. “Instead, enterprises need a way to look at their cyber risk in an integrated, economically-efficient, and predictable manner. This funding will accelerate our mission to make this a reality for more companies around the world. I want to thank our team and our broker partners for helping us arrive at this milestone.”
“We’re thrilled to lead Resilience’s financing round and to work together to build the cyber risk platform of the future,” said Justin Smith-Lorenzetti, Intact Ventures. “We’re eager to continue pairing the innovative cybersecurity solutions and expertise of Resilience with the insurance expertise of Intact Insurance’s underwriting companies as Resilience’s primary capacity provider.”
“Having worked closely with Raj (Shah), V8, and the Resilience team, we are pleased to invest again in their cyber solutions. Partnering with Resilience brings deep security expertise to our customers in an everchanging cyber environment. We look forward to helping them grow their innovative approach to help clients become cyber resilient,” shared T. Michael Miller, CEO, Global Specialty Lines, Intact Financial Corporation.
“Securing a digital world at enterprise scale requires fundamental behavior change,” said Arif Janmohamed, Partner at Lightspeed Venture Partners, which first invested in Resilience during its Series A round. “We have been long-term believers in the Resilience team because they set out to fill this critical gap from day one. We are incredibly excited to see them executing on this vision over the past several years and we look forward to how they’ll help the market tackle cyber risk in the future.”
In 2022, 100% of clients of Resilience’s cyber risk management solution avoided a ransomware extortion with 67% incurring lower losses than the total insurance base. This success led to a loss ratio that was three times lower than the 2022 industry average. Resilience has raised over $225MM in prior funding and serves primary and excess clients in the United States, United Kingdom, Canada, Ireland, Italy, Spain, and the Nordics.
About Resilience
Resilience is the cyber risk solution company that’s on a mission to help make the world cyber resilient. Founded in 2016 by experts from across the highest tiers of the U.S. military and intelligence communities, and augmented by prominent leaders and innovators from the insurance and technology industries, Resilience helps financial, risk, and information security leaders balance their company’s risk acceptance, risk mitigation, and risk transfer to continuously improve their organizations' Cyber Resilience.
Resilience is proud to be backed by leading technology investment firms including Lightspeed Venture Partners, Intact Ventures, General Catalyst, Founders Fund, CRV, and Shield Capital. With headquarters in San Francisco, Resilience's team has a global footprint across New York, Chicago, London, Toronto, Baltimore, and Los Angeles. Resilience offers insurance coverage through its licensed and appointed insurance agents and security services through its expert security team.
For more information, visit us at www.CyberResilience.com.
About Intact Ventures
Intact Ventures, the corporate venture arm of Intact Financial Corporation, has the mandate of investing in businesses around the world that have the potential to disrupt the P&C insurance industry in the long-term. The main areas of focus for the team are distribution of financial products, mobility and proptech, big data and artificial intelligence.
Media Contact: Press@CyberResilience.com
