New funding will accelerate adoption of new Resilience Solution and expansion across Europe
San Francisco, CA (Aug. 7, 2023) – Resilience is pleased to announce 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.
Resilience is the cyber risk solution company on a mission to help make the world cyber resilient. Founded in 2016 by experts from across the highest tiers of the US military and intelligence communities, augmented by prominent leaders and innovators from the insurance and technology industries, the privately-held firm is rewriting the rules of how cyber risk is assessed and managed for middle to large market enterprises. Rooted in decades of experience, Resilience helps financial, risk, and information security leaders continuously improve their organizations’ cyber resilience by connecting cyber insurance coverage with advanced cybersecurity visibility and a shared plan to reinforce actionable cyber hygiene.
Resilience is proud to be backed by leading technology investment firms, including General Catalyst, Lightspeed Venture Partners, Intact Ventures, Founders Fund, CRV, and Shield Capital. With headquarters in San Francisco, Resilience’s team is globally dispersed, with offices in New York, Chicago, Baltimore, Toronto, and London. Resilience offers insurance coverage through its licensed and appointed insurance agency and security services through its expert security team. For more information, visit www.cyberresilience.com. Your risk is our risk.
About Intact Financial Corporation
Intact Financial Corporation (TSX: IFC) is the largest provider of property and casualty (P&C) insurance in Canada, a leading provider of global specialty insurance, and, with RSA, a leader in the U.K. and Ireland. Our business has grown organically and through acquisitions to over $21 billion of total annual premiums. In Canada, Intact distributes insurance under the Intact Insurance brand through a wide network of brokers, including its wholly-owned subsidiary BrokerLink, and directly to consumers through belairdirect. Intact also provides affinity insurance solutions through the Johnson Affinity Groups. In the U.S., Intact Insurance Specialty Solutions provides a range of specialty insurance products and services through independent agencies, regional and national brokers, and wholesalers and managing general agencies. Outside of North America, the Company provides personal, commercial and specialty insurance solutions across the U.K., Ireland, Europe and the Middle East through the RSA brands. For more information, visit www.intactcf.com.
SOURCE: ResilienceTags: cyber risk, cyber security, funding, Intact, platform, resilience, seed funding