Cyber insurance startup Elpha Secure announced this week that it has raised $20 million in a Series A funding round led by Canapi Ventures.
Existing investors AXIS Capital, EOS Venture Partners, Fermat Capital Management, The Hartford STAG Ventures, State Farm Ventures and Stone Point Ventures participated.
Founded in 2018, the New York-based company offers integrated cybersecurity and insurance policy solutions tailored specifically for small businesses.
Elpha Secure offers customers protections such as encrypted data backups, multi-factor authentication (MFA) for remote desktop connections, machine learning anomaly detection, and software version control.
The company also claims to help customers’ employees improve and maintain the cyber health of their organizations, reduce their attack surface and eliminate risk.
The new investment will help Elpha Secure drive business growth and improve product capabilities with end-to-end protection and response.
“Small businesses are beginning to realize that they do not have enough cyber infrastructure to qualify for insurance. Instead of requiring business owners to define and implement the necessary cybersecurity measures themselves, we provides these measures through software and insurance policies.”
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