Boston-headquartered Corvus Insurance, a company that offers artificial intelligence (AI)-enhanced cyber insurance policies for firms, has sold shares worth around $31 million in a $33 million investment round, a US Securities and Exchange (SEC) filing confirmed.
Corvus Insurance, which is notably one of BostInno’s 50 on Fire winners (last year), began offering commercial insurance for food and pharmaceutical firms using sensor data from the internet of things (IoT) devices, which can help forecast and potentially prevent losses. The company has expanded its line of products and services to offer cyber and cargo insurance for firms with as much as $1 billion in yearly revenues in several different industries.
Corvus secured $10 million in capital from .406 Ventures and Hudson Structured in November 2018. Bain Capital Ventures also participated in the round.
That funding round helped in supporting Corvus’ expansion into the South. In April of last year, the company launched its first Atlanta-based business office, and revealed plans to set up an office in Dallas, Texas.
Corvus’ management notes that it is planning to recruit experienced underwriters and regional managers across the US.
As explained on the company’s official website:
“At Corvus, we build Smart Commercial Insurance Products: policies built on data-driven underwriting. [The company aims to] constantly make its products smarter by applying findings from new sources of data analyzed with machine learning and AI techniques. [Corvus focuses on] delivering novel insights to its broker partners, helping to make them smarter about complex risks their clients face. And [the company plans to] transform an industry that lacks transparency by informing the insurance buyer, helping them to be smarter about practices to mitigate risk and prevent loss.”