KUALA LUMPUR, Sept 17 (Bernama) -- Akur8, the machine learning-powered insurance pricing and reserving platform, has secured US$120 million in series C funding, which will significantly bolster the company’s ability to expand its product portfolio and fuel its growth in key global markets.
According to a statement, the new funding will bring its total raised investment to US$180 million. (US$1=RM4.29)
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.
“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,” said its Chief Executive Officer and Co-Founder, Samuel Falmagne.
Developed explicitly for insurers, Akur8 has been revolutionising non-life insurance pricing with transparent artificial intelligence since 2019, and 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 fuel product innovation with two new modules, namely Optim and Deploy; drive growth by leveraging Akur8’s recent acquisition of Arius; and accelerate global expansion, particularly in North America.
Walter Billet Avocats acted as legal advisor for Akur8 in this transaction and has been advising the company since its founding, while Perella Weinberg Partners served as the company’s financial advisor.
-- BERNAMA
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