AKUR8 raises $30 million
Paris-based pricing optimization software company Akur8 has closed a $30 million Series B funding round, bringing its total funding to $42 million. The investment round closed less than two years after the company first commercialized its platform.
Founded in 2018, Akur8’s cloud-based solution automates the generation of pricing models while allowing actuaries to retain complete control over the process. This is done by combining the speed and performance of Machine Learning with the absolute Transparency demanded in the highly regulated use case of insurance rate making. The company has more than 30 customers across 10 countries, including AXA, Generali and Munich Re, specialty insurers Canopius and Tokio Marine Kiln, insurtechs Wakam and wefox, as well as mutualistic player Matmut. 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.
This latest funding round will accelerate Akur8’s international expansion, with a particular emphasis on furthering its US footprint. The funding round will also be used to accelerate Akur8’s product development pipeline to cover the full pricing suite, develop US-tailored features and create more value-added features to enhance existing modules.
“We are happy to announce the closing of our Series B funding round and are grateful for the support we have seen from our investors. This latest milestone will enable us to accelerate the transformation of insurance pricing even further, fuel our international expansion in the US and APAC, and equip P&C and health carriers with a state-of-the-art, integrated pricing solution that we have been building and refining tirelessly.” – Samuel Falmagne, co-founder and CEO of Akur8.
“We are humbled by the trust that our clients and investors have placed in Akur8. Building the future of insurance pricing powered by Transparent AI has been our goal since the first day of R&D. Now this vision has become reality and we can’t wait to accelerate our growth to become the global reference in insurance pricing.” – Guillaume Beraud-Sudreau, co-founder and Chief Actuary at Akur8.
“The BlackFin team is thrilled to see Akur8 continue to spread its wings and deploy its next generation pricing platform across insurance carriers worldwide. We have built a great relationship with the Akur8 management team and it’s a pleasure to welcome new investors and continue this journey with them.” – Julien Creuzé, Partner at BlackFin Capital Partners.
