Cyber insurtech BOXX Insurance announces USD $10M Series A round to further accelerate growth, prepare for international expansion


BOXX, the leading cyber insurance provider for small businesses, individuals and families, announced today that it has closed its oversubscribed USD $10 million (CAD $12.7 million) Series A-round in a bid to accelerate growth and expand its footprint internationally. The new investors are Cyber Mentor Fund (CMF), Zurich Insurance Group (Zurich) and SixThirty Ventures.

“In a world impacted by major technological and societal disruptions, the expectations around cyber and privacy protection have never been more important,” says Vishal Kundi, CEO of BOXX, which he co-founded with Mike Senechal.

BOXX Insurance Inc. was launched in 2018 and now has a strong trading presence in Canada and in selected markets in Europe and Latin America. BOXX’s innovative approach has been recognized across the world including being selected for the industry’s leading innovation program: Lloyd of London’s Lab and the Monetary Authority of Singapore’s prestigious program for fast growing fintechs.

“Our model has been proven to help clients identify and stop attacks and should an incident occur, minimize the trauma and damage that typically ensues,” says Kundi. “We want to continue to make it easier for customers to be smarter and more resilient to cyber threats”.

The Series A funding will help BOXX expand the team to support the increasing growth in demand from brokers, partners and clients and prepare for international expansion, Kundi adds.

BOXX also announced a global partnership with Zurich.  Says Jack Howell, CEO of Zurich Global Ventures:  “BOXX‘s prevention-led approach convinced us that they are building a winning business with the potential to actively shape cyber insurance for small to mid-sized businesses and consumers. They are an exciting business and passionate about making cyber security simple for customers by integrating tools and technology with insurance. The combination of their knowledge and Zurich’s global reach and international expertise is a win-win situation for Zurich customers and BOXX.”

“A massive opportunity exists to help companies and consumers reduce their growing digital risk exposure and we believe BOXX will play a role given their deep roots in the insurance industry and prevention-led approach,” says Tim Eades, General Partner, CMF. “We couldn’t be more excited about the relationship between Zurich and BOXX, and are thrilled to be investing at a time in the BOXX journey when they are seeing unrivaled traction and staking a claim as a dominant force in the industry.”

“The BOXX team is committed to protecting businesses and consumers and reducing their cyber risk, which is paramount in today’s digitized world,” said Atul Kamra, Managing Partner at global venture firm SixThirty Ventures. “BOXX‘s digital health tracker and cyber training platform allows consumers and businesses to improve their cyber hygiene practices, significantly reducing the chances of a breach from occurring in the first place.”


Automotive Cyber Security Market is anticipated to exhibit a CAGR of close to 8% over the next ten years


As per the findings of a new market research report by Persistence Market Research, the worldwide automotive cyber security market reached a valuation of around US$ 5.4 Bn in 2020, and is anticipated to exhibit a CAGR of close to 8% over the next ten years. Usage of telematics services such as information, navigation, safety, security, diagnostics, and entertainment has been increasing in recent years, and is projected to grow at a significant rate over the coming years. Along with this, connected cars and autonomous vehicles will be available globally in the next five to ten years.

Telematics services and connected cars require the Internet for the functioning of some key applications and transferring of data. As such, they are vulnerable to cyber-threats. Automotive cyber security is a system or technology that prevents or protects the systems of a vehicle that are susceptible to any cyber-attack. As more and more vehicles are connected to the Internet, the automotive industry is working closely with Internet service providers, software companies, and others concerned players to provide better cyber security systems to end users.

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Key Takeaways from Study

  • OEMs and cyber security tech players are continuously collaborating with each other to develop advanced cyber security solutions to deal with highly sophisticated attacks.
  • Among the application, ADAS & safety systems are expected to witness high growth, owing to wide adoption in autonomous driving vehicles across the globe.
  • Among the regions, South Asia & Pacific is exhibiting a high growth rate, owing to expected rise in automobile production over the coming years
  • Infotainment systems will continue being the primary contributor to the growth of the automotive cyber security market on a global scale.
  • The market in the U.S. is projected to expand at a CAGR close to 7%, while that in the U.K. at nearly 8% through 2031.
  • Demand for automotive cyber security solutions in India is expected to surge at a CAGR of more than 13% over the next ten years.

“Rise in consumer demand for luxurious features and growing demand for passenger electric vehicles (EVs) would propel growth of automotive cyber security solutions,” says a Persistence Market Research analyst.

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Continuous Rise in Number of Automotive ECUs to Drive Market Growth

The last decade has seen a phenomenal increase in the use of electronic components in automotive systems, resulting in the replacement of manual driving vehicles with autonomous vehicles. All these changes have been made possible due to the presence of Electronic Control Units (ECUs). Several types of ECUs are placed inside a vehicle to control various functions, ensuring a smooth and safe driving experience. Some automobile models running today have around 80 different ECUs present in them, and even more than 150 in luxury cars. The application of ECUs is done in a variety of systems in a vehicle, such as ADAS, infotainment, body control, and comfort system, among others, which means massive amount of information or data is been created and processed by an ECU during each drive.

There is a huge role of ECUs in enabling safety and security in every vehicles. Hardware security modules (HSMs) anchor security functions directly in the ECU’s main processors. These are combined with security software stacks to prevent unauthorized access of in-vehicle communications and vehicle control. Increasing adoption of ECUs in vehicles would also increase demand for HSMs modules, resulting in high growth in the automotive cybersecurity market. The HSM segment is expected to dominate the market, and is estimated to account for 43% of the total market value share in 2021.

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Impact of COVID-19 Outbreak

The COVID-19 pandemic has had a swift and severe impact on the global integrated automotive industry. Widespread impact of the pandemic has revealed a significant vulnerability in corporate supply chains. Factory closures, supply chain disruptions, and diminishing demand have all taken their toll. The impact caused global disruption in the exports of Chinese parts, large-scale manufacturing interruptions across Europe, and closure of assembly plants in the U.S

The automotive industry makes a significant contribution to the global economy. The industry’s annual turnover is equivalent to the world’s sixth-largest economy. However, amid the COVID-19 pandemic, the automotive industry faced a sharp drop in demand and investments. It is estimated that, manufacturing factory closures in Europe and North America caused around 2.2 million passenger vehicles to be removed from production schedules, at a cost of around US$ 70 billion in lost revenue for automotive and parts manufacturing companies. Moreover, as per estimates, the top 20 OEMs in the global auto sector will see profits decline by approximately US$ 100 billion in 2020.

During the outbreak, production as well as development of automotive cyber security products and solutions declined by nearly 6%-8% in Q1-Q2 2020, due to plunging production across Chinese factories, as they are one of the world’s major hardware security product manufacturers and suppliers. However, according to estimates, production has become quite stable from the last two quarters of 2020, and demand has started to gain traction again.

Find More Valuable Insights

Persistence Market Research puts forward an unbiased analysis of the global market for automotive cyber security market, providing historical demand data (2016-2020) and forecast statistics for the period 2021-2031. To understand the opportunities in the market, it has been segmented on the basis of hardware (hardware security modules (HSMs), secure vehicle network gateways, trusted platform modules (TPMs), and others), software (embedded firewalls, encryption & cryptography , biometrics & authentication, and others), services (professional services [security consulting & risk assessment, integration & deployment, and support & maintenance], and managed security services); application (telematics, infotainment systems, powertrain systems, ADAS & safety systems, body control systems, and others), and vehicle (fuel-based vehicles [passenger cars and commercial vehicles] and electric vehicles [passenger cars and commercial vehicles]), across major regions of the world (North AmericaLatin AmericaEuropeEast AsiaSouth Asia & Pacific, and MEA).

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