Akur8, the Paris-based InsurtTech firm that automates insurance pricing, has closed a Series B funding round of $30 million, bringing its total funding to $42 million.
This latest funding round will accelerate Akur8’s international expansion, with a particular emphasis on furthering its U.S. footprint and establishing a presence in Asia Pacific in 2022. The funding round will also be used to accelerate Akur8’s product development pipeline to cover the full pricing suite, develop U.S.-tailored features and create more value-added features to enhance existing modules.
The investment round closed less than two years after the property/casualty and health insurance pricing provider first commercialized its platform, and just 15 months after its Series A led by BlackFin Capital Partners and MTech Capital. Both companies are reinvesting in this round.
Founded in 2018, Akur8 aims to transform insurance pricing with its “Transparent AI” technology, developed to enhance non-life insurers’ pricing processes by automating risk and demand modeling. Akur8 said the technology empowers actuaries and pricing teams to make better, faster decisions.
Akur8’s cloud-based solution automates the generation of pricing models while allowing actuaries to retain complete control over the process. Akur8 enables higher speed-to-accuracy and significantly accelerates the pricing time to market, while providing insurers with a highly robust and secure pricing process.
In less than two years, Akur8 has acquired more than 30 customers across 10 countries, including AXA, Generali, Munich Re, Canopius and Tokio Marine Kiln, as well as insurtechs Wakam and wefox. The Akur8 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.
Akur8’s client footprint spans across a dozen countries in Europe, Asia and The Americas with offices in Paris, London and New York, where 20 nationalities are represented within its diverse team of 50 employees.