Corvus Insurance is prepping a major expansion and surge in product development now that it has secured $100 million in new venture capital financing.
Insight Partners led the Boston startup’s Series C funding round, with participation from Telstra Ventures, Obvious Ventures, .406 Ventures, Bain Capital, Hudson Structured Capital Management and MTech Capital.
“With the biggest fundraising round of a cyber insurance company to date, we will continue to realize our vision in making our world a safer place,” Corvus CEO and founder Phil Edmundson said in prepared remarks.
Corvus, launched in 2017, is an InsurTech startup and MGA focused on providing smart commercial insurance products through artificial-intelligence-driven risk data. The company plans to use its new funding to double down on its underwriting, product development and go-to-market strategies. It will also focus on expanding its Crowbar digital platform, which is designed to provide cyber risk data through an “exceptional digital experience” to brokers and policyholders.
With those AI capabilities, Corvus hopes to better predict and prevent loss, and reimagine how policyholders, brokers, underwriters, and reinsurers can incorporate data science into the commercial insurance marketplace.
Corvus previously raised its $33 million Series B round in 2020. To date, the company has pulled in $147 million in venture capital investment. With the new round, Corvus claimed its valuation is now at $750 million.
In addition to new product development, Corvus has an eye on expanding its product footprint “to all major U.S. regions” and to expand its hiring. A spokesperson noted the company currently employs 140 people, a number that grew 172 percent in 2020 along with some senior hires. With the new funding, Corvus hopes to more than double its headcount in 2021.
Source: Corvus Insurance