Akur8, a machine learning-powered insurance pricing and reserving platform, announced that it had secured $120 million in series C funding, bringing the total raised investment to $180 million. This latest funding round was led by One Peak, with participation from Partners Group and historical investor Guidewire Software. This new funding round will significantly support Akur8’s ability to expand its product portfolio and fuel its growth in key global markets.
Developed for insurers, Akur8 has been transforming non-life insurance pricing with transparent AI 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.
This new funding will be used to:
1.) Akur8 will invest in R&D to enrich its insurance pricing platform with two new modules: (1) Optim, which enables insurers to determine the optimal insurance pricing strategy to meet their business objective, and (2) Deploy, Akur8’s new rating engine, enabling pricing teams to bring their rates into production seamlessly.
2.) As Akur8 enters the insurance reserving sector, it will strategically target new market segments and bridge the gap between reserving and pricing. With its deep expertise in SaaS and AI, Akur8 will fast-track product development of the Akur8 Reserving platform.
3.) Along with R&D, this funding will be instrumental in driving Akur8’s strategic expansion into key growth markets, particularly in North America. By strengthening its foothold in this region, Akur8 will penetrate new customer segments and tailor its offerings to address the unique demands of these markets.
Walter Billet Avocats acted as Akur8’s legal advisor in this deal and has been advising the company since its creation. Perella Weinberg Partners served as Akur8’s financial advisor in this transaction.
KEY QUOTES:
“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.”
-Samuel Falmagne, CEO and Co-Founder of Akur8
“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.”
-Brune de Linares, Chief Client Officer and Co-Founder of Akur8
“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.”
-Humbert de Liedekerke Beaufort, Co-Founder and Managing Partner of One Peak
“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.”
-Pierre Curis, Private Equity Technology, Partners Group
