Boston-based insurtech firm Corvus has secured $32 million in a Series B round of venture funding, led by Telstra Ventures.
As part of the funding arrangement, Marcus Bartram, Partner at Telstra Ventures, will now join Corvus’s Board of Directors.
The funding round also included participation from Obvious Ventures and existing Corvus investors including .406 Ventures, Bain Capital Ventures and Hudson Structured Capital Management.
Corvus plans to use the funding to help grow its product line and accelerate the development of new tools to improve risk management, particularly for larger clients dealing with complex cyber risk.
The company analyses data with artificial intelligence to help brokers and policyholders better predict and prevent loss.
Currently, Corvus offers commercial insurance products designed to help protect the estimated $5.2 trillion in enterprise value that is at risk from cyberattacks over the next five years.
“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,” Edmundson explained.
“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.”
Marcus Bartram, Partner at Telstra Ventures, also commented: “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.”
He continued: “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.”
Vishal Vasishth, Co-Founder and Managing Director of Obvious Ventures, further stated: “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.”
Corvus’s total funding to date amounts to $46 million, following a Series A funding round in 2018 that raised $10 million, as well an earlier seed round of funding.