Akur8 Secures $120M Series C Funding to Bolster AI Actuarial Platform

Akur8, a provider of AI-powered insurance pricing and booking solutions, has successfully closed a Series C funding round, securing $120 million. This new capital brings the company’s total funding to $180 million. The round was led by One Peak, a renowned growth capital firm, and included contributions from Partners Group and Guidewire Software.

Investment concentration and strategic goals

Akur8, which has been revolutionizing property and personal insurance pricing since 2019, will allocate new funds to several key areas:

Product innovation

The company will expand its platform with two new modules:

• Optimum: A strategic tool for optimizing insurance pricing strategies.
• Implement: New evaluation module that simplifies entering rates into production.

Growth through acquisitions

The recent acquisition of booking platform Arius will allow Akur8 to expand its offering and integrate booking features, closing the gap between pricing and booking.

Global expansion

The funds raised will support Akur8’s efforts to expand into new markets, with a focus on North America. The goal is to meet unique market needs and strengthen the company’s presence in the region.

Leadership insights

Samuel Falmagne, CEO and co-founder of Akur8, expressed his enthusiasm about the future, “We look forward to working closely with our new investors One Peak and Partners Group, two leading investment firms that share our vision of innovation and excellence. With their support, we are committed to accelerating our product development efforts and staying ahead of industry trends to deliver an unparalleled, integrated actuarial platform to insurers worldwide.”

Brune de Linares, Chief Customer Officer and Co-Founder, highlighted the benefits for customers, “This latest round of funding will enable us to better meet the evolving needs of our customers, increase their operational efficiencies, and equip them with innovative tools to succeed in an increasingly competitive insurance environment. We are excited about the growth opportunities and advancements this investment will unlock for our continued success.”

Investor Perspectives

Humbert de Liedekerke Beaufort, Co-Founder and Managing Partner of One Peak, praised Akur8’s unique offering: “Akur8 offers a truly unique, cloud-based, end-to-end actuarial platform that leverages proprietary machine learning algorithms to improve the speed and accuracy of insurers’ pricing process while providing full transparency, auditability, and control over the models they create. We were particularly impressed with Akur8’s user-friendly interface, ease of implementation, and reputation among the world’s leading insurers for exceptional customer service. We look forward to working closely with Akur8’s experienced leadership team as they chart the next chapter of the company’s global expansion, market leadership, and innovation journey.

Pierre Curis of Partners Group added: “Akur8 has developed a next-generation, differentiated pricing platform that capitalizes on the growing emphasis on sophistication among insurers and 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.”

Application

With this significant Series C funding, Akur8 is well-positioned to expand its product suite, expand its market presence, and solidify its leadership role in actuarial technology. The investment not only underscores the confidence of key stakeholders in Akur8’s vision, but also sets the stage to continue to drive innovation and deliver exceptional value to its global customer base.

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