AI-powered cyber insurer Cowbell has closed a $20 Million Series A funding round as it looks to scale its offering for continuous underwriting and closed-loop risk management.
Cowbell Cyber’s closed-loop approach to cyber risk bundles cybersecurity awareness training, continuous risk assessment, and pre and post-breach risk improvement services.
Brewer Lane Ventures led the investment with participation from Pivot Investment Partners, Avanta Ventures, Markel Corporation, and a number of existing investors.
Cowbell says the new capital will be used to fund product development, expand risk engineering, sales, marketing, and increase its footprint nationwide.
Concurrently, the firm has also added Martha Notaras, Managing Partner at Brewer Lane Ventures, to its board of directors and Akbar Poonawala, Co-Founder at Pivot Investment Partners, as a board observer.
“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,” said Jack Kudale, Founder and Chief Executive Officer of Cowbell.
“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.”
“Through its cutting-edge, AI-powered platform, Cowbell Cyber is well-positioned to disrupt today’s explosive cyber insurance market and redefine the industry,” said Notaras.
“As the marketplace continues to see significant growth, we are thrilled to be joining the organization at a time in their journey where they are seeing unrivaled traction, and have put together a world-class team, staking a claim as a dominant force in the industry.”