Tel Aviv-based Surance.io has completed a round of financing from Tech Mahindra. The information technology services and consulting company invested $4 million for a 25% equity stake in the startup.
Founded in 2017, Surance.io helps carriers, telcos, and other companies launch a cyber protection product. The white label solution, which is designed for individuals, includes a range of features such as dark web monitoring, vulnerability assessment, recovery services, and more.
The startup works with three insurance companies in Israel, managing “tens of thousands” of personal cyber insurance policies, it powers a technology solution in Singapore for AIG, and it started operating its solution for insurance carriers in the US and Canada last year.
“Surance.io sees this investment as a vote of confidence by a leading technology company, and a head-start to leveraging Tech Mahindra’s customer relations to expand cyber products distribution with insurance carriers globally. Surance.io is looking forward to a fruitful collaboration with Tech Mahindra that would significantly increase new sales as well as grow existing accounts” – Eyal Paltin, CEO at Surance.io.
“The Insurance industry is going through a significant transformation and in this evolving threat landscape, it’s imperative to go beyond stand-alone personal cyber insurances and invest in comprehensive risk solutions for the home. Through this investment, Tech Mahindra will leverage Surance.io to expand into untapped markets with new functionality enhancements and features.” – Vivek Agarwal, president – BFSI, HLS and corporate development, Tech Mahindra