Akur8, a machine learning-powered insurance pricing and reserving platform, has announced that it has secured $120 million in Series C funding. This brings the company's total raised investment to $180 million.

Fueling Innovation and Growth

The funding round was led by One Peak, a leading growth equity firm, with participation from Partners Group, a large firm in the global private markets industry, and historical investor Guidewire Software, Inc. (NYSE:GWRE). The new funding will be used to accelerate product innovation, drive growth by leveraging Akur8's recent acquisition of Arius, and expand the company's presence in key global markets.

Revolutionizing Non-Life Insurance Pricing

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 policies at unprecedented speed, directly impacting their financial performance and improving risk assessments. With the acquisition of Arius, Akur8 expands its product portfolio and customer base, amplifying the value delivered to insurance carriers worldwide.

Expansion Plans

The company plans to use the funding to fuel product innovation, driving the development of two new modules: Optim and Deploy. Optim enables insurers to determine the optimal insurance pricing strategy to meet their business objectives, while Deploy is Akur8's new rating engine, enabling pricing teams to bring their rates into production. Additionally, Akur8 will leverage its acquisition of Arius to enter the insurance reserving sector and accelerate its global expansion, particularly in North America.

A New Chapter for Akur8

"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," said 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."

Akur8's latest funding round marks a significant milestone in the company's journey, enabling it to accelerate innovation, growth, and expansion in key markets. As the company continues to revolutionize non-life insurance pricing and reserving, its commitment to delivering unparalleled value to insurance carriers worldwide remains unwavering.