Cyber insurtech firm Cowbell raises $20 million

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.