Inscora aims to introduce its enhanced cyber insurance software by the end of 2024. Photo: betakit
Montréal-based startup Inscora has secured CAD 2 million in pre-seed funding to introduce its automated risk assessment and sales software for cyber insurance brokers. Founded by leaders formerly at Delve Laboratories and Dialogue, Inscora aims to help brokers assess cyber risks, sell policies more efficiently, and enhance their clients’ security. “We call it value-added cyber insurance,” says Inscora co-founder and CEO Gabriel Tremblay.
Inscora's solution is designed to help brokers offer better risk-adjusted premiums and turn more leads into sales. With this funding, the startup plans to complete its product and launch it in Canada and the United States by the end of 2024. Inscora has already expanded its team from three to six and expects to hire more employees to support this growth.
“We’re one of the few companies with our level of cybersecurity risk assessment expertise,” Tremblay notes.
Inscora's pre-seed round, which closed in February, marks its first external funding. The all-equity financing was led by FinTech-focused Luge Capital with support from other Québec-based investors including Desjardins Capital, Accelia Capital, and Inovia Capital, along with undisclosed angels from the cybersecurity sector. Tremblay did not disclose Inscora’s valuation.
“The process of buying cyber insurance is complex,” Luge principal Laviva Mazhar explains. “Businesses must answer detailed questions about their cyber posture and sensitive data. This often involves consulting a broker and evaluating the company’s cybersecurity for weeks, with no guarantee of accurate information. Inscora simplifies this process, helping brokers better protect their clients.”
Inscora was founded in 2023 by Tremblay, CPO Pierre-David Oriol, and CTO Guillaume Raymond. Tremblay is a seasoned cybersecurity entrepreneur, having previously led Delve until its sale to Secureworks in 2020. Oriol was Delve’s vice president of product, while Raymond was formerly director of engineering at Dialogue. The trio’s combined expertise spans business, product development, and team management.
During their time at Delve, Tremblay and Oriol developed expertise in cyber risk assessments. After spending two-and-a-half years at SecureWorks post-acquisition, they returned to the startup world to launch Inscora. This cybersecurity background was a key factor in Luge’s decision to invest in Inscora, according to Mazhar.
Inscora has been developing its product for two years, engaging with over 100 cyber brokers to ensure it meets industry needs. The startup now has a functional version of its offering, which it is refining with undisclosed insurance industry partners.
Mazhar comments, “The founders at Inscora have an innovative approach to facilitating the sales and underwriting of cyber insurance, a rapidly growing market amidst rising cyber threats and incidents. Their approach helps brokers and insurers with distribution and underwriting, and also helps clients better protect themselves and improve their cyber posture.”
Tremblay notes that cyber insurance used to be a harder sell, but as cyber attacks have become more frequent and costly, more insurers are offering it and more companies are purchasing it. “The industry is still shallow in its analysis, so there’s a lot of room for improvement for insurers, brokers, and clients,” he says.
Despite increasing competition in the cyber insurance tech space, Tremblay believes Inscora’s cybersecurity background will give it an edge. “We want to become a major player in the cyber insurance sector in North America,” he says. “Our expertise in cybersecurity risk assessment sets us apart and will help us carve out a niche in the market.”
