AI-Based Insurance Company Corvus Raises $32 Million

By Dan Anderson ● January 12, 2020
  • Boston-based Corvus Insurance announced it has raised $32 million in Series B funding

Boston-based Corvus Insurance announced it has raised $32 million in Series B funding in order to drive growth in its existing product lines and accelerate the development of new technology tools for improving risk management, especially for cyber risks. This is a big deal since commercial insurance has been failing when it comes to cyber risks.

“Commercial insurance has failed both brokers and policyholders when it comes to cyber risk. We are obsessed with changing that outcome,” said Philip Edmundson, founder of Corvus Insurance Holdings. “We see a future where brokers act as educated advisers 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.”

Prior to launching Corvus, Edmundson sold William Gallagher Associates (WGA) to NYSE-traded Arthur J. Gallagher.

The Series B round of funding was led by Telstra Ventures with participation from Obvious Ventures and existing Corvus investors including .406 Ventures, Bain Capital Ventures, and Hudson Structured Capital Management.

To help brokers and policyholders prevent loss, Corvus analyzes unique sets of data for building its AI tools. And the Corvus Smart Commercial Insurance branded products were built to address the challenges faced following cyber attacks. Corvus is considered the only company that has embedded cyber coverage up and down the property and casualty spectrum for dealing with the “Silent Cyber” risk.

Telstra Ventures partner Marcus Bartram will be joining the Corvus board of directors.