Inscora, a Canadian start-up specialising in cyber risk assessment and sales enablement solutions, has secured C$2m ($1.45m) in funding to support cyber insurance brokers.
The investment round was led by Luge Capital and supported by Desjardins Capital, Accelia Capital, Inovia Capital and cybersecurity angel investors.
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Inscora plans to use the funds to develop its platform, and for team expansion and product launches in Canada and the US.
Co-founded by cybersecurity entrepreneur Gabriel Tremblay as well as Pierre-David Oriol and Guillaume Raymond, Inscora aims to transform the cyber brokerage landscape by offering brokers advanced tools to assess risks.
It also seeks to implement cybersecurity best practices and expedite the insurance application process.
Inscora’s approach promises to deliver enhanced customer value, optimise risk-adjusted premiums and improve sales conversion rates.
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By GlobalDataThe company is already collaborating with select industry players through its early trial programme, indicating a proactive engagement with the market.
Inscora CEO and co-founder Gabriel Tremblay said: “We have spent our careers developing products that help organisations protect themselves against cyber attacks. Inscora represents a unique opportunity to apply this expertise to the ever-evolving field of cyber insurance and improve the efficiency of insurance brokers as well as the security posture of the insured clients. We are thrilled to have the support of such esteemed investors to help us now go to market.”
Luge Capital general partner David Nault said: “We have seen, first hand, how complex purchasing cyber insurance can be and the lack of tools available to the insurance industry to guide clients to implement stronger security measures within their organisations. Inscora is solving both of these important issues to support the ever-evolving cyber insurance industry.”
Last month, KYND, a provider of cyber risk solutions, expanded into the US by introducing a new cyber risk analysis tool designed specifically for insurance companies.
This initiative is intended to address the increasing need for actionable insights into cyber risk exposure, given the rising rates of cybercrime in the country.
The significance of KYND’s US launch and Inscora’s funding has been underscored by the recent CrowdStrike tech outage, which revealed critical vulnerabilities that cybercriminals could potentially exploit.
