MGU for Hartford Steam Boiler adds $13 million in funding

At-Bay, a startup managing general underwriter for Hartford Steam Boiler & Insurance Co., said Wednesday it has acquired an additional $13 million in funding, bringing the company’s total funding to $19 million.

The Mountain View, California-based firm is focusing on the midmarket and is writing policies with about $3 million to $10 million in limits on average, with most companies generating $100 million to $1 billion in revenues, said founder and CEO Rotem Iran. He said the company has worked with both retail brokers and wholesalers, as well as policyholders.

At-Bay said in its statement that the new round of financing allows At-Bay to accelerate development of its proactive cyber security monitoring service and roll out its insurance products.

The new funding was provided by Keith Rabois, managing director of Khosla Ventures, and Yoni Chaifetz, partner at Lightspeed Management Inc., both based in Menlo Park, California, and by Shlomo Kramer, CEO of San Jose-based Cato Networks Inc., who is joining the board. 

The company announced its original funding in November.