Corvus Insurance, a Boston, MA-based provider of commercial insurance products built on advanced data science, secured $32m in Series B venture capital funding.
The round, which brought total funding raised to date to $46m, was led by Telstra Ventures with participation from Obvious Ventures and existing investors including .406 Ventures, Bain Capital Ventures and Hudson Structured Capital Management. In conjunction with the funding, Marcus Bartram, Partner at Telstra Ventures, will join Corvus’s Board of Directors.
The company intends to use the funds to continue its growth within existing product lines as well as accelerate the development of new technologies and tools to improve risk management, particularly to meet the needs of larger clients dealing with complex cyber risk.
Led by Phil Edmundson, Founder and CEO, Corvus leverages unique sets of data which it analyzes with AI techniques to help brokers and policyholders better predict and prevent loss, thereby delivering value to policyholders, brokers, underwriters and reinsurers.
Currently, the company offers Smart Commercial Insurance® products designed to address the massive global challenge posed by the $5.2 trillion in enterprise value that is estimated to be at risk from cyberattacks over the next five years.
The company has expanded its presence to all major U.S. regions and plans to continue growing headcount rapidly across underwriting, product and data science teams.