California-based cyberinsurance startup Cowbell Cyber has obtained $60 million from a Series C investment round, bringing total money raised to $202 million, SiliconAngle reported. The capital was provided by Zurich Insurance Group Ltd., one of the world’s largest insurers, according to the company.
Companies often purchase multiple insurance policies to protect against potential losses, including cyber insurance plans designed to mitigate the financial impact of a cyberattack. Pleasanton, California-based Cowbell competes in this market with cyber policies geared toward small and midsize businesses.
Cowbell Cyber said it will put the money toward international expansion and creating new insurance offerings with a focus on artificial intelligence. Aside from already offering the Cowbell Copilot AI assistant, Cowbell Cyber has also touted the inclusion of a 'Cowbell Factor' with every purchased insurance policy, which enables breach prevention program scoring based on organizations' cloud environment and employee device security.
Cowbell Cyber also offers lower deductibles in exchange for improved cybersecurity and also said it seeks to achieve profitability with the latest funding round. "We have been on a mission to achieve near-term operating profitability over the last 12 months and will continue our quest for the rest of the year and into 2025," said Cowbell Cyber CEO Jack Kudale.
