hyperexponential, a provider of pricing decision intelligence software, announced the completion of its $73m Series B funding round led by global technology-focused investment firm, Battery Ventures. The funding round included participation from Silicon Valley investor, a16z, and existing Series A investor, Highland Europe, which increased its holding.

hyperexponential serves insurance and reinsurance companies in the global property/casualty insurance industry. Its PDI platform, hx Renew, enables insurers to leverage large and alternative datasets, develop and refine rating tools, and employ machine learning approaches to price risk and make data-driven pricing decisions at the portfolio and individual level.

“The insurance industry is at the forefront of a rapidly changing world and must find ways to understand and respond to that change in risk profile,” said Amrit Santhirasenan, hyperexponential CEO and co-founder, in a company press release. “We’ve focused on building a capital-efficient, independent business that was both high-growth and sustainable from the outset. Although we have more cash-on-hand than we’ve raised, we wanted to bring on new expertise in our target markets as we continue our growth into new verticals and geographies.”

Sponsoring its Series B investment and joining hyperexponential’s board as a director is Battery Ventures Partner Marcus Ryu, co-founder, chairman, and former CEO of Guidewire Software. Also joining the company’s board is a16z General Partner Angela Strange.

This latest round of financing will support hyperexponential’s expansion into the U.S. as it targets opening its New York office this year, according to the press release. It will also enable increased investment in new product capabilities to serve client demand in adjacent insurance markets, including the SME insurance sector. The company plans to double its global team to more than 200 in the next year, the press release added. The company is headquartered in London, with an office in Warsaw.

Source: hyperexponential