Elpha Secure offers small and midsize businesses a cybersecurity solution that combines insurance policies and cyber protection. The company plans to use the funding to drive growth, according to the Oct. 6 Elpha news release.
Canapi Ventures led the funding round with participation from existing investors.
“We are humbled by the great investors supporting Elpha Secure and we are thrilled to welcome Canapi as a new partner,” Elpha 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 don’t 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. 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.”
