Corvus Insurance Raises $32M, Accelerates Development of Smart Commercial Insurance Products
Thursday, January 9, 2020 9:00 AM
Investment will support Corvus's AI-driven approach to helping brokers and policyholders predict and prevent cyber insurance loss
BOSTON, MA / ACCESSWIRE / January 9, 2020 / Corvus Insurance, a leading provider of commercial insurance products built on advanced data science, today announced it has secured $32 million in Series B venture funding. The round is led by Telstra Ventures with participation from Obvious Ventures and existing Corvus investors including .406 Ventures, Bain Capital Ventures and Hudson Structured Capital Management. Marcus Bartram, Partner at Telstra Ventures, will join Corvus's Board of Directors.
Corvus leverages unique sets of data which it analyzes with AI techniques to help brokers and policyholders better predict and prevent loss, thereby delivering value to policyholders, brokers, underwriters and reinsurers. With this latest round of funding, Corvus will continue its growth trajectory within existing product lines as well as accelerate the development of new technologies and tools to improve risk management, particularly to meet the needs of larger clients dealing with complex cyber risk.
"Commercial insurance is one of the last industries to fully embrace data science and digital tools as a means to improve user experience for all stakeholders while avoiding unnecessary risk," said Marcus Bartram, Partner at Telstra Ventures. "Massive opportunity exists to dominate the tech-enabled era of the commercial insurance industry, and we believe Corvus will play a role given their deep roots in the insurance industry and technology-led approach to product development."
Currently, Corvus offers Smart Commercial Insurance® products designed to address the massive global challenge posed by the $5.2 trillion in enterprise value that is estimated to be at risk from cyberattacks over the next five years1 and is the only company that has embedded cyber coverage up and down the property and casualty spectrum to deal with pervasive "Silent Cyber" risk.
"We invest in startups reimagining huge sectors of the global economy in world positive ways. Corvus is doing exactly that, powered by its mission to create a safer, more productive world through technology-enabled commercial insurance," added Vishal Vasishth, Co-Founder and Managing Director of Obvious Ventures.
Corvus raised $10 million in Series A funding in late 2018. Along with the company's earlier seed round, the company's total funding to date is $46 million.
"Commercial insurance has failed both brokers and policyholders when it comes to cyber risk -- we are obsessed with changing that outcome," said Phil Edmundson, Founder and CEO of Corvus. "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 has expanded its footprint to all major U.S. regions and plans to continue growing headcount rapidly across underwriting, product and data science teams. For more information about Corvus, visit corvusinsurance.com.
Corvus Insurance is a leading provider of commercial insurance products built on advanced data science, with an AI-driven approach to empowering brokers and policyholders to better predict and prevent loss. With each Smart Commercial Insurance® policy, Corvus supplies proprietary Dynamic Loss Prevention® reports to inform policyholders of critical risk areas and provide actionable security recommendations. Founded in 2017 by a team of veteran entrepreneurs from the insurance and technology industries, Corvus is backed by Bain Capital Ventures, Hudson Structured Capital Management, Obvious Ventures, .406 Ventures, and Telstra Ventures. The company is headquartered in Boston, Massachusetts, and has offices across the U.S.
About Telstra Ventures
Telstra Ventures' mission is to serve pioneering leaders and help them deliver on their dreams. We target innovative technology people and products that: (i) are typically in the machine learning, mobile, cloud, networking, data, consumer / media, and other emerging sectors; (ii) are geographically based in the USA, Asia or Australia; (iii) are built by lighthouse entrepreneurs; and (iv) typically have between $1M to $20M in revenue. Telstra Ventures invests in ~10 new companies each year. Our differentiation comes from (i) sourcing: thematic investors complemented with data science, (ii) revenue-bearing relationships value-add: we have generated $250m in revenues for our portfolio in Australia and Asia by selling to and through Telstra, and (iii) quality investment process: in 8 years, we have generated 5 IPOs (Box, Crowdstrike, DocuSign, Snap, and Whispir) and 8 strategic M&As (Elastica, Elemental, Kony, Nexmo, Nginx, Ooyala, TeleSign, and VeloCloud).
About Obvious Ventures
Obvious Ventures is a venture capital firm investing in entrepreneurs reimagining the global economy. Since launching in 2014, Obvious has backed over 50 purpose-led companies using technology to create a smarter, healthier, more sustainable world. Obvious was co-founded by Ev Williams, James Joaquin, and Vishal Vasishth, with Andrew Beebe and Nan Li now also serving as Managing Directors. More information is available at www.obvious.com.
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SOURCE: Corvus Insurance