Corvus Insurance raised another $15 million that the Boston-based InsurTech startup will use to fuel further growth.
The company, which debuted in 2017, is an MGA focused on providing smart commercial insurance products through artificial intelligence-driven risk data. Products include the Corvus Crowbar digital platform, which is designed to provide cyber risk data to brokers and policyholders.
This latest funding round is considered a “Series C financing extension” for Corvus – money that builds upon its $100 million Series C round disclosed in March. Venture capital firms FinTLV and Aquiline Technology Growth led the latest money raise. In all, Corvus has pulled in $162 million in venture capital.
“We have the opportunity here to really reimagine commercial insurance. The addition of FinTLV and Aquiline Technology Growth as investors will allow us to continue scaling, increase our share of the market, and enter new commercial lines,” Phil Edmundson, founder and CEO of Corvus, said in prepared remarks.
Corvus’s broker-focused approach uses AI and machine learning to analyze unique and proprietary sets of data to better predict and prevent loss. This helps policyholders, brokers, underwriters, and reinsurers incorporate data science into the commercial insurance marketplace.