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Cyber Insurance Provider Corvus Raises $100 Million

Cyber insurance provider Corvus on Wednesday announced that it has raised $100 million in a Series C funding round. To date, the company has raised a total of $147 million.

Founded in 2017 and headquartered in Boston, MA, Corvus relies on artificial intelligence for data analysis and for loss prediction and prevention.

Cyber insurance provider Corvus on Wednesday announced that it has raised $100 million in a Series C funding round. To date, the company has raised a total of $147 million.

Founded in 2017 and headquartered in Boston, MA, Corvus relies on artificial intelligence for data analysis and for loss prediction and prevention.

The company has a broker-focused approach to cyber-insurance and claims to be able to fully meet the needs of brokers, policyholders, underwriters and reinsurers.

Following a $33 million Series B round closed in January 2020, Corvus says it has tripled the number of employees and reached a $120 million annual premium run rate at the end of January 2021.

Led by private equity firm Insight Partners, the new funding round brings Corvus’s valuation up to $750 million.

The new funding, the company says, will help it accelerate product development, underwriting, and go-to-market strategies, while allowing it to expand its Crowbar digital platform. Corvus also plans to focus on the delivery of advanced broker-focused solutions and on further expanding its team.

“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,” Phil Edmundson, founder and CEO of Corvus, commented.

Related: OwnBackup Achieves ‘Unicorn’ Status With $167.5 Million Funding Round

Related: Tanium Announces $150 Million Funding Investment From Ontario Teachers’

Related: DevSecOps Firm Spectral Emerges From Stealth With $6.2 Million in Funding

Written By

Ionut Arghire is an international correspondent for SecurityWeek.

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