Akur8, a pioneering force in machine learning-driven insurance pricing, has announced a remarkable achievement by securing $120 million in a Series C funding round on September 16, 2024. The Paris-based company now totals $180 million in funding, marking a significant leap in its mission to revolutionize actuarial solutions.
Leading this Series C round was One Peak, a prominent growth equity firm specializing in software startups. Their support was complemented by the involvement of Partners Group, a major player in the global private markets, alongside existing investor Guidewire Software, Inc. With these resources, Akur8 plans to enhance its product offerings and expand its global footprint.
"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," stated Samuel Falmagne, CEO and Co-Founder of Akur8. “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."
Since its inception in 2019, Akur8 has transformed non-life insurance pricing through a transparent AI-driven platform. Their solution has enabled insurers to price with unprecedented speed, which directly impacts their financial outcomes and risk evaluations. The recent acquisition of the Arius reserving platform signifies another step in diversifying Akur8’s services, enabling better value delivery to insurance carriers around the world.
The funds generated from this latest financing round will be directed towards several strategic initiatives. One key focus is on product innovation, with plans to enhance the existing platform by integrating two new modules. The first, called *Optim*, will aid insurers in determining the optimal pricing strategy to meet specific business objectives. The second, *Deploy*, is Akur8’s new rating engine, which will facilitate seamless integration of pricing strategies into production.
Akur8 will also leverage the recent acquisition of Arius to penetrate the insurance reserving market. By bridging the divide between reserving and pricing, the company aims to capitalize on new market segments. This move will fast-track the product development of the Akur8 Reserving platform, making it more accessible and beneficial for insurers.
"This latest round of funding will empower us to better meet our customers' evolving needs, enhance their operational efficiency, and equip them with innovative tools to thrive in an increasingly competitive insurance landscape," said Brune de Linares, Chief Client Officer and Co-Founder of Akur8. "We are excited about the growth opportunities and advancements this investment will unlock for our continued success."
As part of its expansion plans, Akur8 intends to strengthen its presence in North America, a key growth market. By tailoring solutions to meet the specific demands of the region, Akur8 looks to attract a wider range of customers and enhance its service offerings.
The enthusiasm from investors reflects confidence in Akur8's unique position in the market. Humbert de Liedekerke Beaufort, Co-Founder and Managing Partner of One Peak, remarked, "Akur8 offers a truly unique cloud-based end-to-end actuarial platform, which leverages proprietary machine learning algorithms to inject speed and accuracy into insurers’ pricing process, whilst ensuring full transparency, auditability, and control over the models created."
He continued, "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."
Akur8’s promising growth trajectory and innovative approach to actuarial solutions position the company well for future developments in the insurance sector. With significant backing and a clear roadmap, Akur8 is poised to continue leading advancements in insurance pricing and reserving, meeting the evolving needs of the industry.