Akur8, the machine learning-powered insurance pricing and reserving platform, announced that it has secured $120 million in series C funding, bringing its total raised investment to $180 million.
This latest funding round was led “by One Peak, a growth equity firm investing in software scale-ups, with participation from Partners Group, one of the largest firms in the global private markets industry acting on behalf of its clients, and historical investor Guidewire Software, Inc. (NYSE:GWRE).”
The new funding will significantly bolster Akur8’s ability “to expand its product portfolio and fuel its growth in key global markets.”
Developed explicitly for insurers, Akur8 has been enhancing “non-life insurance pricing with transparent AI since 2019.”
Its cloud-based, fully integrated platform empowers insurers “to price at unprecedented speed, directly influencing financial outcomes and enhancing risk assessments.”
With the recent acquisition of the Arius reserving platform (read PR), Akur8 further expands its product portfolio and customer base, “amplifying the value delivered to insurance carriers worldwide.”
The new funding will be used to:
- Fuel product innovation: Akur8 will invest in R&D to enrich its insurance pricing platform with two new modules:
- (1) Optim, which enables insurers to determine the optimal insurance pricing strategy to meet their business objective, and
- (2) Deploy, Akur8’s new rating engine, enabling pricing teams to seamlessly bring their rates into production.
- Drive growth by leveraging Akur8’s recent acquisition of Arius: As Akur8 enters the insurance reserving sector, it will strategically target new market segments and bridge the gap between reserving and pricing. With its deep expertise in SaaS and AI, Akur8 will fast-track the product development of the Akur8 Reserving platform.
- Accelerate global expansion: In addition to R&D, this funding will be instrumental in driving Akur8’s strategic expansion into key growth markets, particularly in North America. By strengthening its foothold in this region, Akur8 will penetrate new customer segments and tailor its offerings to address the unique demands of these markets.
Samuel Falmagne, CEO and Co-Founder of Akur8, said with the investor’s support, they will accelerate their product development efforts and stay ahead of industry trends to offer an integrated actuarial platform for insurers globally.
Walter Billet Avocats acted “as legal advisor for Akur8 in this transaction and has been advising the company since its creation.”
Perella Weinberg Partners served “as financial advisor for Akur8 in this transaction.”