MTech portfolio company, Corvus Insurance, successfully raised a $100 million Series C financing in March of this year. The round was led by Insight Partners, with participation by all of the company’s previous investors — Bain Capital Ventures, Hudson Structured Capital Management, MTech Capital, Obvious Ventures, .406 Ventures and Telstra Ventures. In May, Corvus raised an additional $15 million in a Series C financing extension, which welcomed new investors Aquiline Technology Growth and FinTLV.
Corvus is an MGA that sells technology-based cyber insurance products through brokers.
"This is a fast-growing market that is being exacerbated by the success of cyber criminals,” said founder and CEO Phil Edmundson. Corvus’ 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.