Boston-based Corvus Insurance, a startup that provides AI-driven cyber insurance for companies, sold shares worth $31.8 million in a $33 million in a Series B round.
The round was led by Telstra Ventures with participation from Obvious Ventures and existing investors including .406 Ventures, Bain Capital Ventures and Hudson Structured Capital Management. In conjunction with the funding, Marcus Bartram, Partner at Telstra Ventures, will join Corvus’s Board of Directors.
Corvus Insurance, one of BostInno's 50 on Fire winners in 2019, started out by providing commercial insurance for food and pharma companies using sensor data from the internet of things to predict and prevent losses. Its offerings have expanded since, to provide cyber and cargo insurance for companies with up to $1 billion in annual revenues in different industries.
In November 2018, Corvus raised $10 million from .406 Ventures and Hudson Structured, with participation from Bain Capital Ventures.
That round bolstered the three-year-old company's expansion into the South. In April 2019, it opened its first Atlanta office; that same month, it announced plans to open an office in Dallas.
On the heels of this round, the company is hiring underwriters and regional managers across the country.
