US-based commercial insurance provider Corvus Insurance has added $15m to a series C round backed by telecommunications group Telstra to bring it to $115m in size.
Venture capital firms FinTLV and Aquiline Technology Growth co-led the extension, which followed a $100m close in March this year led by Insight Partners that also featured Telstra Ventures, a subsidiary of telecommunications firm Telstra, as well as all of the company’s existing institutional investors.
Founded in 2017, Corvus provides commercial insurance products and software tools for brokers that utilise artificial intelligence technology and machine learning techniques to predict and prevent loss.
Corvus founder and chief executive Phil Edmundson said: “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 have been presented with an opportunity to increase our impact and make the world a safer place, and we are grateful to our new investors for the value and expertise they will bring.”
Telstra Ventures led the company’s $32m series B round in January 2020, participating alongside Bain Capital Ventures, Obvious Ventures, .406 Ventures and Hudson Structured Capital Management.
The company had received $10m in series A funding from Hudson Structured Capital Management and .406 Ventures in November 2018, after picking up $4m of seed funding from Bain Capital Ventures in March that year. Insurance-focused VC firm MTech Capital is also among its investors.