Cowbell Cyber, an AI-powered cyber insurance for small and mid-sized enterprises, has collected $3.3m in its seed funding round.
The capital injection was backed by venture firms including ManchesterStory Group, Holmes Murphy & Associates, Tri-Valley Ventures and the Global Insurance Accelerator.
Funds have been earmarked for accelerating Cowbell’s go-to-market strategy and the development of its continuous risk assessment, underwriting, and comprehensive cyber liability insurance platform.
Cowbell Cyber maps insurable threats and exposures through AI technology, offering an ongoing, dynamic, automated, insurable cyber risk assessments, providing customers with real-time insights into insurable risks.
Its Cowbell Factor service is a continuous risk-ratings factor that enables customized protection and recommendations to provide a policy which matches the customers’ needs as they change.
By leveraging both internal and external data sources, the company is able to tailor online insurance policies to specific needs of clients.
ManchesterStory Group co-founder and managing partner David Miles said, “Cyber insurance is one of the most technology savvy lines of insurance products. However, it is underwritten once a year, whereas risk is changing by the second.
“Cowbell Cyber’s platform has been developed to help enterprises better protect their businesses by offering standalone, automated and continuous underwriting capabilities. We are pleased to support Cowbell’s commitment to bridging the global insurability gap in cybersecurity and have great confidence in the founding team’s experience and vision.”
Initially, the insurance services will be available to businesses in California, with a launch expected for Q1 2020.
Earlier in the year, ManchesterStory contributed to the $4.5m Series A investment round of Betterview. The InsurTech offers aerial imagery to insurers so they can asses the condition of roofs and the risk of potential claims.
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