Hyperexponential raises $73 million
London-based Hyperexponential, which offers a pricing software for insurers, has raised $73 million in Series B funding led by Battery Ventures, with participation from a16z and Highland Europe.
Founded in 2017, Hyperexponential’s pricing decision intelligence platform, hx Renew, enables insurers to leverage large and alternative datasets, develop and refine rating tools rapidly, and employ sophisticated machine learning approaches to price risk and make data-driven pricing decisions at the portfolio and individual level. Some of its clients include Aviva, HDI, and Conduit Re.
“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. 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. We are delighted to have attracted a world-class set of investors who bring an unparalleled combination of experience, expertise, and support to Hyperexponential in the next phase of our expansion.” – Amrit Santhirasenan, Hyperexponential CEO and co-founder.
“Pricing risk is the most critical function of an insurance carrier. Yet, most actuaries still work with cumbersome Excel models and are constrained by legacy software that limits their ability to dynamically incorporate new data and more sophisticated analytical techniques. Amrit and Michael’s actuarial experience helped them design the system the insurance market needed, and Hyperexponential has achieved incredible traction with technical users and executives alike as they’ve completed multiple industry-leading deliveries around the world. hx Renew is rapidly becoming the operating system for pricing risk in the global insurance market. We are thrilled to join forces with the Hyperexponential team as they launch in the US and expand beyond specialty lines.” – Angela Strange, general partner at a16z.
