Hyperexponential (hx), a London, UK-based insurtech which provides modelling software for the commercial insurance sector, raised $18m in funding.
Highland Europe made the investment.
The company intends to use the funds to scale up its product and engineering teams in order to expand the functionality of the platform and to explore new applications of its platform across the sector and build out a commercial team.
Launched in 2017 by Amrit Santhirasenan, CEO, and co-founder Michael Johnson, both software engineers and qualified actuaries, hyperexponential (hx) is an insurtech company providing mathematical modelling software for the commercial insurance sector. The software helps actuaries, data-scientists and underwriters build, deploy and update their pricing models, so they can make data-driven decisions, faster and with minimal time and money spent on IT administration.
With revenues increasing up to threefold each year since launch, hx now employs 30 staff and its insurance client base will this year account for around $50bn worth of premium income. The international client base ranges from some of the world’s largest household name insurers, through Lloyd’s syndicates to smaller, innovative start-up insurers and MGAs (Managing General Agents).