KYND, a provider of cyber risk management solutions for the insurance industry, has raised £3.25m from UK and Ireland-based growth capital investor BGF.
The London-based startup will use the fresh funds to fuel global expansion plans and launch new products.
Founded in 2018 by Andy Thomas and Melanie Hayes, the startup provides software to understand and manage cyber risk for businesses. The platform gathers and processes data to assess cyber risk for companies. Information is assessed and presented in “plain English” to stakeholders.
The insights can help insurance underwriters understand the cyber risk exposure of a company and also mitigate a client’s exposure with continuous monitoring and alerts.
KYND has partnerships with high-profile insurers and brokers such as Beazley, Howden, Paragon and Alliant. It claims to have achieved 1,000% growth on annual recurring revenue since June 2020.
Andy Thomas, chief executive at KYND, said: “Our industry-first API-based platform, which provides meaningful risk insights, is making the cyber-insurance market more efficient and well-equipped to deal with the deluge of attacks facing small and mid-market companies. We will use the additional funds to further enhance our product development and customer rollout in the UK and beyond.”