Fenix24 Secures Funding from Leading InsurTech Investor Eos Venture Partners
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New Investment will help Fenix24 scale operations to meet growing market demand for ransomware response and recovery
CHATTANOOGA, Tenn. , March 16, 2023-- Fenix24, an industry-leading cyber disaster recovery firm that is transforming the post-breach restoration process and impact, announced a $5 million investment by Eos Venture Partners, a prominent InsurTech investor. Zach Powell, General Partner of Eos Venture Partners, will join Fenix24 as a board member.
Faster, Better Post-Breach Restoration
Fenix24, a sister company of Conversant Group, provides a professional cybersecurity force focused exclusively on restoring companies after cyber breach events. The firm redesigned the recovery paradigm after recognizing that traditional breach response could not manage foreign adversaries' increasingly destructive tactics and the corresponding increase in business downtime and interruption.
Fenix24's expert-led model focuses on faster, more effective post-breach restoration and drives proven reductions in business downtime. Their approach:
• Starts involvement at Hour One post-breach, rather than the industry standard of waiting days or weeks to begin restoration.
• Accelerates the gathering and preservation of essential data for forensics, which enables a more rapid and modularized restoration strategy.
• Drives faster up-time in critical systems through aligning an executive view of business operations with front-line, technical and battle-tested expertise.
Since launching in early 2022, Fenix24's approach is rapidly becoming the market standard for excellence in restoration. Fenix24 has:
• Reduced business interruption and associated costs for customers by up to 50%.
• Become the restoration partner-of-choice, growing revenue 650% annually.
• Increased headcount by 400%.
Partnering with Cyber Insurers
Cyber insurers have also begun to partner with Fenix24 to target the increasing cost of business interruption post-breach.
"As Ransomware-as-a-Service has grown, the business impact of cyberterrorists' ransomware attacks has also increased significantly—more than 60% of total cyber losses to an insurance carrier now are estimated to come from business interruption," said Mr. Powell. "With the need for a better response on behalf of those impacted by ransomware and the entire cyber insurance eco-system, 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."
$5 Million Investment
Eos' investment will support Fenix24 in serving additional customers and further reducing downtime costs and financial impacts after a cybersecurity incident. With Fenix24, global cyber carriers, brokers and reinsurers can empower policyholders and target the most critical, damaging parts of a ransomware attack post-breach.
"We are excited to partner with Eos Venture Partners and very proud of what this investment says about Fenix24's innovative approach and resulting impact on behalf of victims of ransomware and their insurance carriers," said Mark Grazman, CEO and co-founder of Fenix24. "The world needs a defensive civilian cybersecurity force ready to help victims of ransomware navigate the treacherous waters of a ransomware attack."
Eos Venture Partners is a strategic venture capital fund focused exclusively on InsurTech, investing in early and growth stage technology businesses that accelerate innovation and transformation across the insurance industry and value chain. Working with global (re)insurers, Eos' model is based on a partnership-driven approach with incumbents and early-stage InsurTech founders. Eos' ambition is to positively impact 500 million lives over the next decade while generating top quartile financial returns. eosventurepartners.com
Fenix24, part of the Conversant Group family of companies, is raising the bar for post-incident disaster recovery and restoration with a fast, thorough and professional operation. Our battle-tested professionals execute the most intelligent and strategic recovery playbook to minimize business interruption and the cost of incident response. Learn more at fenix24.com.