Boston-based insurtech firm Corvus Insurance has announced that after raising a total of $100 million through its Series C funding round, it secured an additional $15 million through an extension.
The round was led by venture capital firms FinTLV and Aquiline Technology Growth (ATG), and brings the firm’s overall funding to $162M.
Corvus’s broker-focused approach uses AI and machine learning which helps policyholders, brokers, underwriters, and reinsurers incorporate data science into the dynamic commercial insurance marketplace.
As the InsurTech market continues to flourish, Aquiline Technology Growth, which has invested in many insurance technology firms, recognised a strong opportunity with Corvus.
Mark Chess, Managing Partner at FinTLV commented: “The best insurtech success stories are the companies that actually understand the insurance business, and in particular, distribution. Corvus has a strong team that truly understands the commercial insurance business.
“We feel that Corvus is best positioned to succeed in the space because of its approach, its underwriting technology, and its ability to execute with a distribution-first partnership with brokers, enabling the brokers to sell complex policies to growing businesses.”
Max Chee, head of ATG commented: “At the outset, cyber attacks are the biggest emerging risk within the commercial insurance landscape and Corvus is a category leader in providing smart cyber insurance to protect against that risk.
“We’re excited to help the Corvus team as the company further expands its capabilities and products. Their deep understanding of evolving cyber threats, coupled with proactive engagement with the policyholder for prevention and risk management, gives them a superior offering in the marketplace.”
Phil Edmundson, founder and CEO of Corvus. added: “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.
“We’ve been presented with an opportunity to increase our impact and make the world a safer place, and we’re grateful to our new investors for the value and expertise they will bring.”