SAN FRANCISCO — Resilience, a provider of cyber insurance and security solutions, has closed an $80 million Series C funding round, co-led by General Catalyst and Corey Thomas of Rapid7, with participation from Lightspeed Venture Partners, Founders Fund, Charles River Ventures, Shield Capital, and Intact Ventures.
The investment comes as Resilience executes on plans for middle market expansion and international growth. Enterprises in the middle market – manufacturing, agriculture, universities, hospitals, construction – underpin the American economy. As ransomware claims have surged over the last year, the hardened cyber insurance market has enabled newcomers with an innovative approach to rise to the top.
“We took a deliberate approach entering the middle market. Our clients are discerning buyers with sophisticated infrastructure. We proactively connect their security posture with their insurance policy, not as vendors, but as partners. That personal, integrated approach of transparency and action is what makes us so different,” said Vishaal “V8” Hariprasad, CEO of Resilience. “This funding round signals that the market is ready for our insure + secure model.”
Resilience has built an Insure + Secure business model that provides both tailored insurance and security solutions to its customers. A team of in-house security engineers are engaged with clients from risk assessment to post-bind vulnerability monitoring.
“Resilience is building the leading cyber risk and response platform for the insurance industry, helping mid-market enterprises identify and integrate the best insurance and security solutions for their business needs. It’s more than risk mitigation – it’s bespoke security solutions combined with an insurance policy that provides clarity and certainty,” said David Fialkow, Managing Partner and Founder at General Catalyst. “General Catalyst is proud to co-lead this funding round with Corey Thomas as we believe Resilience’s integrated model is the future of cyber risk.”
Setting standards of coverage is not just an internal priority for Resilience. It continues to be a leader in working with government and the private industry in bridging the gap between insurance and security to support a framework designed to fight back against the nation’s collective cybersecurity challenges. This past August, Resilience’s CEO was invited to the White House by President Biden to discuss the role insurance can play in the fight against ransomware.
“Resilience’s expertise, combined with an innovative approach to cyber risk, deliver unparalleled value for clients. The team has seen tremendous progress in the past year, setting the course for responsible and profitable growth. Intact Insurance Specialty Solutions is pleased to be a carrier partner,” said Michael Miller, CEO, Global Specialty Lines, Intact.
“At Intact Ventures, we are thrilled to increase the size of our commitment and to invest in a world-class team building a category-defining business,” added Justin Smith-Lorenzetti, Intact Ventures.