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Cowbell Cyber Inc., a program manager that uses artificial intelligence to offer cyber coverage for small-to-medium-sized companies, closed a $20 million funding round on Thursday.
Brewer Lane Ventures, a Boston-based venture capital firm, led the investment, a Cowbell statement said.
The Pleasanton, California-based company, which was launched in 2019, will use the capital to fund product development and increase its staff, the statement said.
Cowbell offers up to $15 million in limits and its agency is licensed in all states, the statement said.
Earlier this week, Corvus Insurance Inc., another technology-based cyber insurance provider, raised an additional $100 million.
Funding for technology companies focused on the insurance industry will likely be robust this year and into 2022 as so-called insurtech companies mature, according to a recent report and other industry sources.