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.
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