"It was hard to constantly fight to maintain the valuation we had. There was relief in the sale"

Rotem Iram, founder and CEO of cyber insurance company At Bay, discusses the sale to German insurance giant Munich Re for $575 million. He describes the challenges in a market that changed from rising interest rates to a decline in cyber attacks, and the decision to sell the company after its valuation dropped from $1.35 billion in a 2021 fundraising round.

Rotem Iram, founder and CEO of cyber insurance company At Bay, discusses the sale to German insurance giant Munich Re for $575 million in August 2026. He describes the dramatic market shift since the 2021 fundraising at a $1.35 billion valuation, when interest rates were near zero and the tech sector was in a bubble. The rise in interest rates to 5% and the closure of the IPO market made it difficult for the company to maintain its valuation. Iram explains that the company had to grow at a faster pace to compensate for the valuation decline caused by macroeconomics, and it took several years until it became profitable in July 2026. He notes that the war in Ukraine led to a decrease in cyber attacks in the US, while other insurance companies entered the field and lowered prices. In response, At Bay also entered the cybersecurity field. Iram emphasizes that the sale to Munich Re is a success, despite the lower valuation than the previous fundraising, because it allows the company to reach more customers worldwide and address the AI threat that could wipe out smaller players. He also shares his personal background, service in Unit 8200, and the decision to return to Israel after years in the US.