Akur8 has been provided with 30 millions dollars for its new fundraising less than two years after it launched its platform. The insurtech aims at speeding up pricing transformation within the insurance industry thanks to its transparent AI.
The insurtech Akur8, whose transparent AI helps automating insurance pricing, has finalised a 30 millions dollars series B financing, bringing its total financing to 42 millions. This new fundraising takes place less than two years after this SaaS software editor dedicated to IARD and health insurances pricing began marketing its platform and only 15 months after its series A financing led by BlackFin Capital Partners and MTech Capital – who both decided to reinvest.
Since its creation in 2018 Akur8 helps actuaries and pricing teams taking the right decisions more quickly thanks to its transparent AI. Its solution located in the cloud automates the generation of pricing models while providing actuaries a possibility for an overal control of the process. In order to offer this service, Akur8 succeeded in combining the Machine Learning’s speed and specifications with the total transparency needed for operating within the insurance field.
Speeding up the product suite and the international expansion
Within less than two years Akur8 convinced more than 30 clients in 10 countries, amongst others the international leaders AXA, Generali and Munich Re, the ‘specialty’ insurers Canopius and Tokio Marine Kiln, the insurtechs Wakam and wefox, and the mutualist group Matmut. Its platform is daily used by 350 people within the insurers’ tarification teams to build their tarification patterns for IARD, individuals and firms, as well as for health concerns.
Akur8’s clients portfolio covers a dozen countries in Europe, Asia and the American continent, reflecting its international DNA throughout the Paris, London and New York offices – where 50 people from 20 nationalities work alongside together. This latest fundraising will help speeding up Akur8’s international expansion, including reinforcing its presence in the United States and penetrating the APAC area in 2022. It will also help accelerating its product suite development in order to cover the whole tarification process, to develop USA-dedicated functions as well as new high value-added functions to strengthen the existing ones.
Becoming a leader for insurance pricing in the world
Samuel Falmagne, Akur8’s CEO and cofounder, commented: “We are glad to communicate about this series B funding and we are grateful for our investors’ support. This new step will help us speeding up the insurance pricing transformation, continuing our expansion in the United States and the APAC area, and offering IARD and health insurance companies an integrated pricing solution, at the forefront of technology, that we have designed and tirelessly refined.”
Guillaume Beraud-Sudreau, Akur8’s Chief Actuary and cofounder, added: “We are honoured by our investors and clients’ confidence. Using transparent AI to build the insurance pricing’s future has been our goal since we initiated our R&D works. This vision has become reality and we are longing to accelerate our growth to became a world leader within the insurance industry.”
Fabien Billet, Walter Billet Avocats’ partner and cofounder, considers that “Akur8 is one of the best newcomers within the French Tech, thanks to their innovative know how and ability to expand their firm worldwide very quickly. Akur8’s managers and team surely know how to take such challenges.”
Walter Billet Avocats advises Akur8 and its management team on a legal side thanks to a team including Fabien Billet, partner, and Christophe Cussaguet.
Other law firms involved for investors: Jones Day (Charles Gavoty, partner, and Alexandre Wibaux), Gide (Pierre Karpik, partner, and Olivier Legrand) and Julien Sichel Avocats (Julien Sichel, partner, and Marion Lebastard)