Corvus, a cyber insurance company, revealed on Wednesday that it had raised $100 million in a Series C funding round. The company has raised a total of $147 million to date.
Corvus, which was established in 2017 and is based in Boston, Massachusetts, uses artificial intelligence for data processing, loss prediction, and prevention.
The company claims to be able to completely address the needs of brokers, policyholders, underwriters, and reinsurers by taking a broker-focused approach to cyber-insurance.
Corvus claims it has tripled the number of employees and hit a $120 million annual premium run rate by the end of January 2021, following a $33 million Series B round that closed in January 2020.
The new funding round, led by private equity company Insight Partners, raises Corvus’ valuation to $750 million.
The new funding will help the company accelerate product growth, underwriting, and go-to-market strategy, as well as extend its Crowbar digital platform, according to the company. Corvus also intends to concentrate on providing specialised broker-focused solutions and expanding its staff.
“At a time when cyber-attacks are at an all-time high, we’re providing brokers and their policyholders with the most intuitive tools and capabilities to help businesses of all sizes minimise risk. We will continue to realise our vision of making our planet a safer place with the largest funding round of a cyber-insurance company to date,” Phil Edmundson, founder and CEO of Corvus, said.