Akur8, a French machine learning-powered insurance pricing and reserving platform, has secured $120 million in series C funding. This brings the total funding raised by the company to date to $180 million. This round was led by One Peak, an 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.
How will it use the investment?
The new funding will bolster Akur8’s ability to expand its product portfolio and fuel its growth in key global markets. It will be used to fuel product innovation; to target new market segments and fast-track the development of its Reserving platform; and focus on its expansion into key growth markets, particularly in North America..
The company will also invest in R&D to enrich its insurance pricing platform with two new modules – Optim, which enables insurers to determine the optimal insurance pricing strategy to meet their business objective, and Deploy, Akur8’s new rating engine, enabling pricing teams to seamlessly bring their rates into production.
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, commented: “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.”
Brings transparency to insurance
Founded by Samuel Falmagne and Brune de Linares in 2018, Akur8 leverages the power of transparent machine learning and predictive analysis to inject speed, performance and reliability into insurers’ pricing and reserving processes.
The company has developed a unique AI-based insurance pricing solution that automates modelling for insurance companies while keeping full transparency and control on the models created, as required by regulators worldwide.
As per the company, its platform combines technology with actuarial excellence to drive business value, bringing speed, performance, transparency, and reliability to insurers of all sizes. Akur8 serves over 250 customers across more than 40 countries.
“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.
Brune de Linares, Chief Client Officer and Co-Founder of Akur8, added: “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. We are excited about the growth opportunities and advancements this investment will unlock for our continued success.”
