Elpha Secure Technology Inc., a cyber insurance startup, has completed a $20 million Series A funding round. Canapi Ventures, a venture capital firm investing in early to growth-stage fintech companies, led the round with participation from Elpha Secure's existing investors, including Stone Point Ventures, AXIS Capital, State Farm Ventures, The Hartford STAG Ventures, Fermat Capital Management, and EOS Venture Partners.

Elpha Secure provides a cyber protection solution for small and midsize businesses that marries proprietary cybersecurity technology with insurance policies. In a departure from the conventional cyber insurance model, Elpha Secure's end-to-end, proprietary solution helps customers reduce cybersecurity risk through its unique approach rather than focusing on limiting coverage or raising rates.