Elpha Secure combines proprietary cybersecurity software with coverage to enhance risk transfer. Credit: Pete Linforth from Pixabay.

Cyber insurance startup Elpha Secure Technology has raised $20m in a Series A funding round led by venture capital firm Canapi Ventures.

The insurtech’s existing investors, including Stone Point Ventures, AXIS Capital, State Farm Ventures, The Hartford STAG Ventures, Fermat Capital Management, and EOS Venture Partners also joined the round. 

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Elpha Secure, which caters to small and medium-sized businesses, provides cyber protection solutions that combine proprietary cybersecurity technology with insurance policies.

It plans to use the proceeds to support business growth across broker networks and enhance its product line up’s features. 

Elpha Secure’s software solution provides cyber protection via security controls, such as encrypted data backups, multi-factor authentication for remote desktop connections and software version control.

The solution also uses machine learning to detect anomalies and advise specific actions.

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Elpha Secure CEO Preetam Dutta said: “Digital threats are growing in variety, frequency, and intensity, so cyber insurance is becoming indispensable. Yet, smaller businesses are finding they do not have adequate cyber infrastructure to qualify for insurance. 

“Instead of challenging business owners to define and implement the required cybersecurity measures themselves, we provide these measures through our software as well as the insurance policy.”

Canapi Ventures partner Jeffrey Reitman said: “By embedding security controls directly into their policies, Elpha Secure removes the friction associated with acquiring a cyber insurance policy, while simultaneously controlling loss ratios for their carrier partners. 

“In offering an unprecedented solution that newly combines both cyber protection software and insurance, Elpha Secure greatly reduces the cyber risks in the system for all.”