Cyber insurance company At-Bay, which helps businesses assess risk across their tech stack with continuous vulnerability monitoring, raises $34M Series B
At-Bay, a Mountain View, CA-based cyber insurance company, raised $34m in Series B funding. — The round was led by Acrew Capital and Munich Re Ventures, through its HSB fund.
Context & Ripple Effects
At-Bay's pitch is that underwriting should run off live telemetry rather than annual questionnaires: the company pairs its cyber policies with continuous vulnerability monitoring across a customer's tech stack. The Series B is led by Acrew Capital alongside Munich Re Ventures through its HSB fund — a strategic backer whose presence matters more than usual here.
The round sits inside a broader build-out of the cyber-insurance data layer: CyberCube Analytics raised an almost identical $35M Series B months earlier for underwriting analytics, and At-Bay itself would follow with a Series C led by Qumra Capital before the end of 2020.
First-order effects
- At-Bay gets $34M to scale the monitoring-plus-underwriting engine, while Munich Re and HSB convert a passive investment into an inside view of how telemetry-based cyber risk pricing actually performs.
Second-order effects
- Competitors race to match the model — Cowbell Cyber raises successive rounds culminating in a $100M Series B for AI-assessed SMB cyber insurance, validating that risk-scoring software is now table stakes for carriers targeting smaller businesses.
Third-order effects
- The strategic-investor pattern points toward vertical integration of the cyber risk chain: Munich Re's early HSB-backed stake precedes its eventual $575M acquisition of At-Bay, suggesting reinsurers would rather own the underwriting technology than license it from startups.
The trend: Cyber insurance is consolidating around carriers that price risk from live security telemetry, with reinsurers acquiring the data layer outright instead of partnering for it.