兔子先生传媒

Boston-based closed a $100 million Series C at a $750 million valuation, as the proliferation in cyberattacks and companies becoming more digital is helping push growth in cyber insurance.

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鈥淭his is a fast-growing market that is being exacerbated by the success of cyber criminals,鈥� said founder and CEO .

Corvus鈥� proprietary platform uses data and machine learning, and in one to five minutes can perform an analysis of a company’s IT and software, Edmundson said. After the analyses, Corvus then evaluates, scores and prices a policy if the company qualifies, he added. The company’s average policy size is $9,000 annually. Its primary 鈥淪mart鈥� cyber policy is designed for companies with $2 billion or less in annual revenue and limits up to $10 million covering several areas of cyber risk.

With the increase in cyberattacks 鈥� as well as companies reexamining their IT structure and employee risk with employees working from home due to the pandemic 鈥� Corvus grew its gross written premium 250 percent last year and exited January at a $120 million annual premium run rate.

Insurance market

While cyber insurance is relatively new, Edmundson said he looks at typical commercial insurers like and as competitors.

, a principal at which led the round, said the cyber insurance market is different than many sectors, as its lack of history means legacy insurance companies don鈥檛 have a significant advantage in the market. He added Corvus鈥檚 ability to bring AI and machine learning into underwriting can give it an advantage.

鈥淲e are attacking an antiquated commercial market,鈥� he said.

Growing investor interest

Founded in 2017, the 140-person company has raised $147 million to date. Aside from Insight, all the company鈥檚 previous investors 鈥� , , , , and 鈥� also participated in the new round.

The cyber insurance market continues to build to a slow boil. Last year, the global cyber insurance market could be worth more than $7 billion, including $5.3 billion in the U.S alone. It expects the global market to reach more than $20 billion by 2025.

Investors seem to have taken note. Aside from Corvus鈥� previous $32 million Series B in January of last year, several other companies in the U.S. cyber insurance and risk market raised cash last year.

Last December, San Francisco-based closed a $34 million Series C, nine months after closing its Series B and bringing its total funding raised in 2020 to $74 million. San Francisco-based 鈥攃onsidered by most to be the largest player in the space 鈥� secured $90 million in May.

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