Akur8, a machine learning-powered insurance pricing and reserving platform, announced that it has secured €107.8 million in series C funding, bringing its total raised investment to $180 million. This latest funding round was led by One Peak, a leading 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 revolutionizing 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, Akur8 further expands its product portfolio and customer base, amplifying the value delivered to insurance carriers worldwide.
The new funding will be used to invest in R&D to enrich its insurance pricing platform with two new modules. Also Drive growth by leveraging Akur8’s recent acquisition of Arius. And, finally, to accelerate global expansio 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.
“We look forward to collaborating closely with our new investors One Peak and Partners Group, two leading investment firms that share our vision for innovation and excellence. With their support, we are committed to accelerating our product development efforts and staying ahead of industry trends to offer an unparalleled, integrated actuarial platform for insurers globally,” stated Samuel Falmagne, CEO and Co-Founder of Akur8.
Humbert de Liedekerke Beaufort, Co-Founder and Managing Partner of One Peak, said: “Akur8 offers a truly unique cloud-based end-to-end actuarial platform, which leverages proprietary machine learning algorithms to inject speed and accuracy to insurers’ pricing process, whilst ensuring full transparency, auditability and control over the models created. We have been particularly impressed by Akur8’s user-friendly interface, ease of deployment, and reputation among the world’s leading insurers for its outstanding customer service. We look forward to working closely with Akur8’s seasoned executive team as they chart the next chapter of the company’s global expansion, market leadership, and innovation journey.”
Pierre Curis, Private Equity Technology, Partners Group, added: “Akur8 has developed a differentiated, next-generation pricing platform that benefits from the increasing push for sophistication among insurers and from the growing adoption of new technologies. We are excited to support an ambitious management team committed to innovation and customer satisfaction as they embark on this next exciting phase of growth.”
Read the orginal article: https://www.eu-startups.com/2024/09/paris-based-akur8-bags-e107-8-million-series-c-to-accelerate-growth-of-actuarial-platform/
