Corvus Insurance, a U.S.-based insurtech startup, announced on Thursday it raised $32 million through its Series B funding round, which was led by Telstra Ventures with participation from Obvious Ventures and existing Corvus investors including .406 Ventures, Bain Capital Ventures and Hudson Structured Capital Management.
Founded in 2017, Corvus Insurance is an AI-driven insurtech company that offers Smart Commercial Insurance policies and innovative technology that utilizes new forms of data to predict and prevent claims.
“Corvus Smart Cyber Insurance and Smart Cyber Excess Insurance offer brokers advantages over traditional cyber insurance by utilizing non-intrusive network security assessments and innovative web scanning technology to provide better pricing, enhanced coverage, and tools for proactive risk management. Smart Cargo Insurance uses data from temperature sensors to predict and prevent spoilage claims for food and life sciences accounts to provide better pricing, enhanced coverage, and tools for proactive risk management.”
Phil Edmundson, Founder and CEO of Corvus, further shared details about the company’s progress by stating the following:
“Commercial insurance has failed both brokers and policyholders when it comes to cyber risk — we are obsessed with changing that outcome. We see a future where brokers act as educated advisors on cyber risk, armed with better options for risk assessment, coverage and risk management for their clients. Empowering brokers to provide this level of service to clients of all sizes, large and small, is how we at Corvus will make the world safer. We are so pleased to have the support of investors who share in this vision.”
Corvus notably raised $10 million in Series A funding in late 2018 and along with its earlier seed round, the company’s total funding to date is $46 million.