Coalition will use this injection of capital to accelerate its scale and expand into new insurance lines.

The funding round was co-led by Durable Capital, T. Rowe Price Associates and Whale Rock Capital, with participation from the company’s existing investors.

“We are building a new kind of insurance with technology at its core. This is a dramatically different approach and it’s working,” said Joshua Motta, CEO and co-founder of Coalition.

“Insurers need to do more than analyze cyber risk once a year. We scan our policyholders 65,000 times a week. Our platform aggregates and analyzes data from every internet-addressable device inside a company, scanning a policyholder’s assets to identify potential vulnerabilities so we can help minimize risks.

“We are setting a new standard for an industry that has been slow to unleash the full power of data, and this has positioned our company for tremendous growth in the digital economy.”

Just last month, Motta was invited to the White House to participate in a meeting convened by President Biden on cybersecurity policy where Coalition announced its public commitment to offer its risk management platform, Coalition Control.

The platform includes continuous attack surface monitoring, recommendations on how to close security vulnerabilities, and a downloadable risk assessment to help organizations control their cyber risk exposure.

“Coalition is solving a critical gap in the cyber risk and insurance space by aligning the right incentives,” said Henry Ellenbogen, CIO of Durable Capital Partners LP.

“The team at Coalition has vastly outpaced the industry in its ability to leverage data and capture the lion’s share of tech and the technology-powered insurance market.

“We believe digital assets will soon be more valuable than physical assets placing Coalition firmly on the path toward long-term sustainable growth and value creation.”