Bloomington-based startup SecondSight has secured a seed round of more than $3 million to advance its AI platform to help businesses hit by ransomware attacks.
According to the company, the system will help businesses better understand digital assets vulnerable to cyberattacks and assess their risk and value when billing insurance companies.
SecondSight CEO and Founder Reuben Vandeventer said:
Vandeventer said the platform takes an “inside-out” approach to underwriting, giving companies a clearer view of their assets. The technology will enable cyber insurance providers to quantify risk severity and calculate losses.
“SecondSight recognizes that cybersecurity and true digital risk are really about assets and liabilities,” said Vandeventer, adding that they can pinpoint the true digital risk and severity that exists within an organization. He added that there is a growing need to measure.
According to the company, ransomware attacks are worth more than $7.5 billion annually, and businesses are always vulnerable to unseen threats. According to the company, as digital risks grow, so does the complexity, making it difficult to obtain cyber insurance to hedge against those risks.
According to SecondSight, most businesses in North America are uninsured or underinsured against the surge in ransomware attacks and other cyberthreats.
The company said the funding was led by Tim Crown, co-founder of Insight Enterprises (Nasdaq: NSIT), a global technology company based in Arizona. Other investors include Indiana Ventures, Cook Ventures and Flywheel Fund.
The company currently has 20 employees and aims to double its workforce levels over the next year in areas such as product management, UX design, engineering and data science.
