Cyber risk, which commonly refers to any risk of financial loss, disruption, or damage to the reputation of an organization resulting from the failure of its systems, is one of the top five concerns among IT teams, according to a Microsoft survey. That’s not surprising considering that the average cost of a cyber attack was $1.1 million in 2018, an increase of 52% from 2017.
It’s with this in mind that Philip Edmundson founded Corvus, an insurance provider that analyzes corpora with AI to help brokers, policyholders, underwriters, and reinsurers predict and prevent loss. Corvus expanded its footprint to all major U.S. regions recently, and in anticipation of further growth, it’s secured a large tranche of venture cash.
Corvus this morning announced that it’s raised $32 million in series B venture funding led by Telstra Ventures, with participation from Obvious Ventures and existing Corvus investors .406 Ventures, Bain Capital Ventures, and Hudson Structured Capital Management. It brings the Boston-based firm’s total raised to $46 million, following on the heels of a $10 million series A round in late 2018.
CEO Edmundson said that the influx of funds will fuel…
