Coalition, a San Francisco, CA-based cybersecurity-focused insurtech company, raised $30m from Mitsui Sumitomo Insurance, a subsidiary of MS&AD Insurance Group Holdings.
Through this investment, MSI aims to strengthen its strategic partnership with Coalition and expand its global cyber insurance business with preventive measures and optimal protections.
Founded by Joshua Motta, CEO, in 2017, Coalition is a provider of cyber insurance with advanced cyber risk assessment technologies. The company employs proprietary scanning technology to gather extensive security information from Internet-connected devices. This big data is analyzed to develop insurance products and security solutions. By identifying and visualizing the latest vulnerabilities in businesses based on security data analysis, Coalition offers a solution called “Active Insurance,” which combines comprehensive insurance coverage and cybersecurity tools to help businesses manage and mitigate potential cyber attacks. This solution encompasses risk assessment, incident prevention, and incident response and mitigation.
MSI and Coalition have collaborated since 2022 and developed a service, the “MS&AD Cyber Risk Finder”, a service for automatically detecting cybersecurity vulnerabilities. Going forward through the partnership with Coalition, MSI will further focus on global expansion in the cybersecurity field, develop more advanced products and services, and offer them to a larger number of customers to support sustainable growth for businesses. Additionally, by appropriately managing cyber risks within our company, we aim to achieve sound business operations.
