Chattanooga, USA-based cyber disaster recovery firm that is transforming the post-breach restoration process and impact, Fenix24, raised $5 million in recent funding. The company announced the fundraise on Thursday. Prominent InsurTech investor Eos Venture Partners led the financing for the company.
As a part of the deal, Zach Powell, general partner of Eos Venture Partners, will join Fenix24 as a board member.
With the latest investment from Eos, Fenix24 seeks to serve additional customers. It further plans to reduce downtime costs and financial impacts after a cybersecurity incident.
The company also aims to scale operations to meet the growing market demand for ransomware response and recovery.
Mark Grazman, CEO and co-founder of Fenix24, said, “We are excited to partner with Eos Venture Partners and very proud of what this investment says about Fenix24’s innovative approach and the resulting impact on behalf of victims of ransomware and their insurance carriers. The world needs a defensive civilian cybersecurity force ready to help victims of ransomware navigate the treacherous waters of a ransomware attack.”
In addition, Mr. Powell said, “As Ransomware-as-a-Service has grown, the business impact of cyberterrorists’ ransomware attacks has also increased significantly—more than 60 percent of total cyber losses to an insurance carrier now are estimated to come from business interruption. With the need for a better response on behalf of those impacted by ransomware and the entire cyber insurance ecosystem, Eos is proud to support Fenix24’s rapid growth and reputation as the world’s fastest restoration company. Leading cyber insurance companies now understand that active loss management—beyond pre-breach underwriting and risk controls—is a critical component of an effective cyber program. We are excited to build further strategic partnerships between Fenix24 and the cyber insurance ecosystem.”