Akur8 secures $120m in Series C funding

By Gloria Methri

Akur8, the machine learning-powered insurance pricing and reserving platform, has secured $120 million in Series C funding, bringing its total raised investment to $180 million. This latest funding round was led by One Peak with participation from Partners Group and Guidewire Software, Inc. The new funding will bolster Akur8’s ability to expand its product portfolio and fuel its growth in key global markets.

Developed explicitly for insurers, Akur8 has been transforming non-life insurance pricing with transparent AI since 2019. Its cloud-based, fully integrated platform empowers insurers to price at unprecedented speed, directly influencing financial outcomes and enhancing risk assessments. With the recent acquisition of the Arius reserving platform (read PR), Akur8 further expands its product portfolio and customer base, amplifying the value delivered to insurance carriers worldwide.

Akur8 will invest the new funding in R&D to enrich its insurance pricing platform with two new modules Optim and Deploy.

As Akur8 enters the insurance reserving sector, it will strategically target new market segments and bridge the gap between reserving and pricing. With its deep expertise in SaaS and AI, the company will fast-track the product development of the Akur8 Reserving platform.

The funding will also be instrumental in driving Akur8’s strategic expansion into key growth markets, particularly in North America. By strengthening its foothold in this region, Akur8 will penetrate new customer segments and tailor its offerings to address the unique demands of these markets.

“We look forward to collaborating closely with our new investors, One Peak and Partners Group, two leading investment firms that share our vision for innovation and excellence. With their support, we are committed to accelerating our product development efforts and staying ahead of industry trends to offer an unparalleled, integrated actuarial platform for insurers globally,” stated Samuel Falmagne, CEO and Co-Founder of Akur8.

Humbert de Liedekerke Beaufort, Co-Founder and Managing Partner of One Peak, said, “Akur8 offers a truly unique cloud-based end-to-end actuarial platform, which leverages proprietary machine learning algorithms to inject speed and accuracy to insurers’ pricing process whilst ensuring full transparency, auditability and control over the models created. We have been particularly impressed by Akur8’s user-friendly interface, ease of deployment, and reputation among the world’s leading insurers for its outstanding customer service. We look forward to working closely with Akur8’s seasoned executive team as they chart the next chapter of the company’s global expansion, market leadership, and innovation journey.”

Pierre Curis, Private Equity Technology, Partners Group, added, “Akur8 has developed a differentiated, next-generation pricing platform that benefits from insurers’ increasing push for sophistication and the growing adoption of new technologies. We are excited to support an ambitious management team committed to innovation and customer satisfaction as they embark on this next exciting phase of growth.”