(Image credit: fiquetdidier1/Pixabay.)

Resilience (San Francisco), provider of a cyber risk solution, has announced a $100 million equity financing round to accelerate its global expansion and scale the adoption of its cyber risk platform, the Resilience Solution, which launched earlier this year. The Series D round was led by Intact Ventures (Toronto), an affiliate of Resilience’s primary capacity provider, Intact Insurance’s (Plymouth, Minn.) underwriting companies, with participation by Lightspeed Venture Partners (Menlo Park, Calif.), as well as General Catalyst and Founders Fund.

With global cybercrime set to eclipse $10.5 trillion by 2025, enterprises are finding that the status-quo siloed approach that governs security decision-making today isn’t keeping up, a Resilience statement asserts. By connecting leaders in finance, risk, and security, the Resilience Solution provides clients with a new way to assess, measure, and manage their cyber risk, according the company’s statement says. The Resilience Solution is designed to enable policyholders to quantify their cyber risk and prioritize their security program based on a return-on-investment analysis of their controls.

“The increase in ransomware attacks proves that there are longstanding gaps in today’s cybersecurity and cyber insurance practices,” comments Vishaal “V8” Hariprasad, CEO and Co-Founder of Resilience. “Instead, enterprises need a way to look at their cyber risk in an integrated, economically-efficient, and predictable manner. This funding will accelerate our mission to make this a reality for more companies around the world. I want to thank our team and our broker partners for helping us arrive at this milestone.”

“We’re thrilled to lead Resilience’s financing round and to work together to build the cyber risk platform of the future,” comments Justin Smith-Lorenzetti, Intact Ventures. “We’re eager to continue pairing the innovative cybersecurity solutions and expertise of Resilience with the insurance expertise of Intact Insurance’s underwriting companies as Resilience’s primary capacity provider.”

“Having worked closely with Raj, V8, and the Resilience team, we are pleased to invest again in their cyber solutions. Partnering with Resilience brings deep security expertise to our customers in an everchanging cyber environment,” comments  T. Michael Miller, CEO, Global Specialty Lines, Intact Financial Corporation. “We look forward to helping them grow their innovative approach to help clients become cyber resilient.”

“Securing a digital world at enterprise scale requires fundamental behavior change,” says Arif Janmohamed, Partner at Lightspeed Venture Partners, which first invested in Resilience during its Series A round. “We have been long-term believers in the Resilience team because they set out to fill this critical gap from day one. We are incredibly excited to see them executing on this vision over the past several years and we look forward to how they’ll help the market tackle cyber risk in the future.”

Resilience reports that, in 2022, 100 percent of clients of its cyber risk management solution avoided a ransomware extortion with 67 percent incurring lower losses than the total insurance base. This success led to a loss ratio that was three times lower than the 2022 industry average, the company statement says. Resilience has raised over $225 million in prior funding and serves primary and excess clients in the United States, United Kingdom, Canada, Ireland, Italy, Spain, and the Nordics.

Converge Insurance Announces $15 Million Series A Funding from Forgepoint Capital