San Francisco, Calif.-based cyber risk company Resilience will use the equity financing to expand globally and scale its AI cyber risk platform, the Resilience Solution, which launched earlier this year. The venture arm of Toronto-based insurer Intact Financial is a returning investor, along with other participating backers Lightspeed Venture Partners, General Catalyst and Founders Fund. (The Logic)

Talking point: Resilience is a general agent for Intact Insurance Group in the U.S., an affiliate of Intact Ventures, Davis Hake, co-founder and vice-president of communications and policy at Resilience, told The Logic in an email. “We work with Intact on strategy and utilize our proprietary modelling and expertise to underwrite clients’ policies,” he said. The urgency to assess and manage cybersecurity risks is rising as the global cost of cyber crime is forecasted to reach US$13.8 trillion by 2028, increasing by US$5.7 trillion over the next five years, according to market data company Statista.