Corvus Insurance, a U.S.-based insurtech startup, announced on Wednesday it raised $100 million through its Series C funding round, which was led by Insight Parters with participation from previous institutional investors. Corvus reported that as part of the transaction, Insight Partners’ Managing Director Deven Parekh will join the Corvus Board of Directors, and Principal David Spiro will join as a Board Observer.
As previously reported, 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.”
Corvus further revealed that the Series C funds will be utilized to double down on its underwriting, product development and go-to-market strategies, while also further expanding the company’s digital platform, the CrowBar, which was built to provide cyber risk data and an exceptional digital experience to both brokers and policyholders. Phil Edmundson, Founder and CEO of Corvus, added:
“At Corvus, we are employing the power of data to build insurance products that result in a safer world,. During these times of unprecedented cyber attacks, we are arming brokers and their policyholders with the most intuitive tools and capabilities to mitigate risks for companies of all sizes. 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.”