Telstra Ventures, the corporate venturing subsidiary of telecommunications firm Telstra, has led a $32m series B round for US-based insurance technology provider Corvus Insurance.
The round also featured Bain Capital Ventures, the venture capital arm of private equity firm Bain Capital, in addition to asset manager Hudson Structured Capital Management and VC firms Obvious Ventures and .406 Ventures.
Founded in 2017, Corvus provides software tools that help commercial insurance brokers study and manage cyber risk by assessing risks through data collected by tools such as network scans and internet-of-things sensors. They also help automate parts of the quoting and underwriting processes.
The funding will support the enhancement of the company’s existing products and accelerate the development of new technologies and risk management tools, particularly for large clients facing complex risks. Corvus will also hire more underwriting, product and data science staff.
Philip Edmundson, founder and CEO of Corvus, told VentureBeat: “Commercial insurance has failed both brokers and policyholders when it comes to cyber risk – we are obsessed with changing that outcome.
“We see a future where brokers act as educated advisors on cyber risk, armed with better options for risk assessment, coverage and risk management for their clients.”
Marcus Bartram, a partner at Telstra Ventures, has joined Corvus’ board of directors in conjunction with the round.
Bain Capital Ventures had provided $4m in seed funding for the company in March 2018 before Hudson Structured Capital Management and .406 Ventures added $10m in series A funding eight months later.
