Cowbell Cyber, an AI-powered cyber insurance provider, has closed its Series A round on $20m to help it scale its offering for continuous underwriting and closed-loop risk management.
The round’s lead investor was Brewer Lane Ventures, with commitments also coming from Pivot Investment Partners, Avanta Ventures and Markel Corporation. Previous Cowbell backers ManchesterStory, Tri-Valley Ventures and Holmes Murphy also joined the round.
Funds from the round will be used to fuel product development, expand risk engineering, sales marketing and grow its nationwide footprint.
The InsurTech also offers an AI-powered programs, both standalone and tailored, which can protect a business from cyber threats that cripple an infiltrated business. The closed-loop approach to cyber risk includes cybersecurity awareness training, continuous risk assessment and pre- and post-breach risk improvement.
Cowbell Cyber founder and CEO Jack Kudale said, “Cybersecurity is now a risk management issue that is critical to the future of the insurance industry and is evolving at a pace that insurers have rarely seen.
“Cowbell Cyber has capitalized on businesses’ accelerated digitization and an ever-changing threat landscape. Cowbell embraces AI and machine learning to gain efficiency and accuracy when assessing and underwriting cyber risk while focusing on the fundamental needs of our policyholders: keeping their businesses protected from evolving cyber threats.”
As part of the deal, Brewer Lane Ventures managing partner Martha Notaras will join the Cowbell board of directors. Pivot Investment Partners co-founder Akbar Poonawala will also join Cowbell as a board observer.
Last year, the InsurTech launched its Prime 250 programme, which helps insurance agents issue personalised cyber policies. The service is now live in 38 US states.
The InsurTech hopes to continue growing its risk pool of ten million continuously monitored organisation and its network of over 4,500 agents and brokers.
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