Elpha Secure raises $20 million to accelerate product development
Summary
Elpha Secure provides a groundbreaking cyber protection solution for small and midsize businesses that marries proprietary cybersecurity technology with insurance policies. In a departure from the conventional cyber insurance model, Elpha Secure’s end-to-end, proprietary solution helps customers reduce cybersecurity risk through its unique approach rather than focusing on limiting coverage or raising rates. As part of the company’s offerings, insureds gain enhanced coverage with a single software installation that brings greater cyber protection through security controls like encrypted data backups, multi-factor authentication for remote desktop connections, software version control, and machine learning to detect anomalies and advise specific action. We’re only just getting started, and we look forward to expanding our reach and serving even more businesses in need in the years to come.” “Today’s small and midsized businesses are not only at a greater risk than ever of suffering a cyberattack, but they also face significant hurdles when it comes to acquiring cyber insurance policies,” said Jeffrey Reitman, Partner at Canapi Ventures. We’re so excited to be leading this Series A and look forward to helping fuel the company’s growth into the future.” Elpha Secure’s team of in-house experts has crafted a streamlined portal experience to eliminate friction in the insurance quoting, binding, and renewal process.