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

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

Investment Focus and Strategic Goals

Akur8, which has been revolutionizing non-life insurance pricing since 2019, will channel the new funds into several key areas:

Product Innovation

The company will enhance its platform with two new modules:

• Optim: A strategic tool designed to optimize insurance pricing strategies.
• Deploy: A new rating engine that simplifies the transition of rates into production.

Growth Through Acquisition

The recent acquisition of the Arius reserving platform will allow Akur8 to expand its offerings and integrate reserving capabilities, bridging the gap between pricing and reserving.

Global Expansion

Funding will support Akur8's efforts to penetrate new markets, with a particular focus on North America, aiming to address unique market demands and strengthen its regional presence.

Leadership Insights

Samuel Falmagne, CEO and Co-Founder of Akur8, expressed enthusiasm about the future, “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,” 

Brune de Linares, Chief Client Officer and Co-Founder, highlighted the customer benefits, “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.”

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, 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."

Pierre Curis from Partners Group added, “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.”

Conclusion

With this substantial Series C funding, Akur8 is well-positioned to enhance its product suite, expand its market presence, and solidify its role as a leader in actuarial technology. The investment not only underscores the confidence of key stakeholders in Akur8’s vision but also sets the stage for the company to continue driving innovation and delivering exceptional value to its global customer base.

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