Hyperexponential raises $18 million

London-based provider of mathematical modeling software for the commercial insurance sector Hyperexponential has raised $18 million in a funding round led by Highland Europe.

Founded in 2017, the company offers a web-based SaaS platform called Renew that is custom-built to assist actuaries, data scientists, and underwriters. hx claims that it has an international client base that ranges from some of the world’s largest household name insurers, through Lloyd’s syndicates to smaller, startup insurers and MGAs.

“Our software provides the tools that new entrants to the sector need in order to get to market with best-in-class analytics and the functionality that incumbent insurers require in order to transform. We launched hx after working in insurance roles where we could not find the software solutions we now provide. No-one was offering technology tailored to the needs of the commercial insurance sector; instead, a $700bn industry was expected to use solutions built for other types of financial services.” – Amrit Santhirasenan, hx’s CEO and co-founder.

“We believe hx offers a unique combination of actuarial expertise and software engineering knowhow that delivers exactly the tools that commercial insurers need as their marketplace continues to evolve and transform . This is a sector that is changing very rapidly and hx has already demonstrated considerable growth; we want to help them bring their cloud-based tools and innovation to even more insurers and insurtech companies.” – Laurence Garrett, Partner at Highland Europe.