Corvus, a Boston, MA-based insurtech company, raised $10m in Series A funding.
The round was led by .406 Ventures and Hudson Structured, with participation from previous investor Bain Capital Ventures. In connection with the financing, Graham Brooks, Partner of .406 Ventures, will be joining Corvus’ Board.
The company, which has raised $14m in two rounds of funding, plans to use the new capital to expand into additional commercial lines of insurance.
Led by Founder and CEO Phil Edmundson, Corvus partners with major insurers and acts as a Managing General Agency (MGA) to create broker-distributed, tech-enabled commercial insurance products that use novel data sets to predict and prevent commercial insurance claims. Their proprietary, digital platform, the CrowBar™, applies customer specific data to create Corvus Scores that inform underwriting decisions and pricing. This same data is also converted into free data analytics and business intelligence for commercial insurance brokers and their policyholders.
The company has already launched two Smart Commercial Insurance™ products: Smart Cyber Insurance™ and Smart Cargo Insurance™ and is developing additional commercial insurance products leveraging data from a variety of sources including private sources, government sources, mobile phones, cyber security scans, social media, Internet-of-Things (IoT) sensors and satellite imagery.