Akur8, a Paris, France and New York, NY-based company automating insurance pricing with proprietary AI, closed a Series B funding round of $30m.
The round – which brought total funding to $42m – saw the participation from BlackFin Capital Partners and MTech Capital.
The company intends to use the funds to accelerate:
- international expansion, with a particular focus on furthering its US presence, and establishing a presence in APAC in 2022, and
- product development pipeline to cover the full pricing suite, advancing US-tailored features and creating more value-added features to enhance existing modules.
Led by Samuel Falmagne, CEO, Guillaume Beraud-Sudreau, and Chief Actuary, Akur8 developed an AI-based insurance pricing solution that automates modeling for insurance companies while keeping full transparency and control on the models created, as required by regulators worldwide.
In less than two years, the company has acquired more than 30 customers across 10 countries, including global leaders AXA, Generali and Munich Re, specialty insurers Canopius and Tokio Marine Kiln, insurtechs Wakam and wefox, as well as mutualistic player Matmut. The platform is used daily by 350 users within insurers’ pricing teams, to compute their pricing models across P&C, personal and commercial lines, and health.
The company has offices in Paris, London and New York, where 20 nationalities are represented within its diverse team of 50 employees.