Zurich has invested $US60 million ($91.62 million) in California cyber insurer Cowbell, which plans to scale operations to meet growing demand and expand internationally.

Cowbell will also improve its cyber resilience services and introduce new products.

“Cyber threats remain a major concern for business leaders due to their constantly evolving nature,” Zurich CEO commercial insurance Sierra Signorelli said. “To address this, we continue to invest in enhancing our cyber capabilities and building a strong support system for our customers.”

Cowbell was founded in 2019 and uses artificial intelligence to identify and monitor risks. In 2022, Forbes said the business had a chance of reaching a billion-dollar valuation.

Founder and CEO Jack Kudale says he is “particularly excited to have Zurich on board as an investor and partner. Its deep expertise in risk and footprint in global markets will be critical as we continue to grow.

“With this new influx of capital, we are poised to scale our operations, expand our market reach, and innovate at an even faster pace. Our primary focus will be on enhancing our product offerings, leveraging existing advances in generative AI to expand our technological infrastructure, and strengthening our customer service capabilities.”