Cowbell Cyber Raises $20 Million In Series A Funding to Scale AI-Powered Cyber Insurance Offering
Summary
PLEASANTON, Calif., March 11, 2021 /PRNewswire/ -- , the industrys first AI-powered cyber insurance provider for small to medium enterprises (SMEs), today announced that it has closed $20 Million in Series A funding to scale its game-changing offering for continuous underwriting and closed-loop risk management. The new capital will be used to fund product development, expand risk engineering, sales, marketing, and increase Cowbells footprint nationwide. Cowbells precision in underwriting and speed in the distribution has helped the company achieve 1,595 percent growth in premium run-rate since then, making it the fastest-growing cyber insurance provider in the industry, which is projected to grow fourfold from 2018 to reach a value of more than $20B by 2025 . As the threat landscape intensifies, business interruptions that result from ransomware attacks are up 20%, lasting up to 19 days , which, for many organizations, leads to a complete shutdown due to overwhelming costs. "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."