Corvus raises $15 million
Boston-based commercial insurance MGA leveraging big data Corvus Insurance has secured extensions to its recent Series C funding, led by venture capital firms FinTLV and Aquiline Technology Growth (ATG). These latest investments will add to Corvus’s three rounds of venture capital previously announced – including its $100 million Series C funding – bringing Corvus’s overall funding to $162 million.
Founded in 2016, Corvus’s broker-focused approach utilizes its AI capabilities to analyze sets of data to better predict and prevent loss. This approach helps policyholders, brokers, underwriters, and reinsurers incorporate data science into the commercial insurance marketplace.
“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.” – Mark Chess, Managing Partner at FinTLV.
“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.” – Max Chee, head of ATG.
“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.” – Phil Edmundson, founder and CEO of Corvus.
