Corvus raises $32 million to transform commercial insurance with AI
Our lives are now permeated with technology. With many companies now moving their businesses online, most IT decision makers now have many things to worry about-cyber risk. Among other IT risks, cyber risks are some of biggest issues keeping CIO awake at night. Cyber risk includes any risk of financial loss, disruption, or damage to the reputation of an organization resulting from the failure of its systems. That was what led Philip Edmundson to start Corvus, an insurtech startup that offers Smart Commercial Insurance policies and innovative technology that utilizes new forms of data to predict and prevent claims.
Today, the two-year-old, Boston-based Corvus announced it has raised $32 million Series B to predict and prevent losses for its corporate customers in the food and pharmaceutical industries. The latest round brings the Boston-based firm’s total raised to $46 million, following the $10 million series A round in September 2018. The round was led by Telstra Ventures, with participation from Obvious Ventures and existing Corvus investors .406 Ventures, Bain Capital Ventures, and Hudson Structured Capital Management.
Founded in 2017 by by a team of veteran entrepreneurs from the insurance and technology industries, Philip Edmundson, James McElhiney, and Mike Lloyd, and Corvus uses data across more than 50 criteria to predict and prevent losses for its corporate customers in the food and pharmaceutical industries. The startup empowers commercial insurance brokers and policyholders to better predict and prevent complex risks with data-driven tools.
With each policy, Corvus supplies its proprietary Dynamic Loss Prevention reports, which inform policyholders of critical risk areas and provide actionable recommendations. Corvus is backed by Bain Capital Ventures, Hudson Structured Capital Management, and .406 Ventures.