Corvus Insurance, an AI-powered smart commercial insurance products provider, has raked in $100m in a Series C financing round, taking its valuation to $750m.
The financing round was led by private equity firm Insight Partners, who was joined by all of its previous institutional backers.
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With the new infusion, the firm’s total capital raised until now comes to $147m.
As part of the transaction, Insight Partners managing director Deven Parekh secured a seat on the Corvus board as part of the deal. Principal David Spiro will join in the role of board observer.
Corvus plans to use the new funds to continue its growth strategy, with plans to have a two-fold rise in its headcount this year.
The firm intends to double down on its underwriting, product development and go-to-market strategies, as well as expand its CrowBar digital platform, which offers cyber risk data.
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By GlobalDataParekh noted: “Commercial insurance is in the early stages of embracing data science and AI to better distribute and underwrite policies.
“Corvus is leading the way by building a foundation in cyber insurance with a world-class team, transformative product, and ambitious vision.”
Corvus uses an AI-driven approach to help brokers and policyholders predict and prevent loss effectively.
Based in Boston, Massachusetts, the firm is backed by Bain Capital Ventures, Hudson Structured Capital Management, MTech Capital, Obvious Ventures, .406 Ventures, and Telstra Ventures.
Corvus co-founder and chief product officer Mike Lloyd said: “Corvus is uniquely positioned to acquire a significant share of the commercial insurance market due to our software, data science playbooks, and team.
“Our proven ability to extract actionable insights from novel data using AI and then apply those insights to improve our underwriting, the broker/client experience, and loss prevention for our policyholders will enable us to continue to grow in a fast and scalable way across many product lines.”
