Corvus Insurance, which offers smart commercial insurance products, has netted $100m in Series C, which brings its valuation to $750m.
Insight Partners led the round, with commitments also coming from its previous backers.
The funds will be used to double down on its underwriting, product development and go-to-market strategies. Capital will also be used to expand its digital platform.
Corvus also plans to double its headcount during 2021.
The InsurTech has a broker-focused approach that uses AI to analyse unique and proprietary sets of data to predict and prevent loss.
In line with the deal, Insight Partners managing director Deven Parekh will join the Corvus board of directors and Insight Partners principal David Spiro will join as a board observer.
The InsurTech claims it grew its gross written premium by 250% in 2020.
Corvus co-founder and chief product officer Mike Lloyd said, “Corvus is uniquely positioned to acquire a significant share of the commercial insurance market due to our software, data science playbooks, and team.
“Our proven ability to extract actionable insights from novel data using AI and then apply those insights to improve our underwriting, the broker/client experience, and loss prevention for our policyholders will enable us to continue to grow in a fast and scalable way across many product lines.”
With the close of the round, the company has raised a total of $147m in funding. The InsurTech previously raised $33m in its Series B last year.
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