hyperexponential raises $73m Series B to expand Insurance Pricing Platform
By Gloria Methri
hyperexponential, the pricing decision intelligence (PDI) software expert, has completed its $73 million Series B funding round led by technology-focused investment firm Battery Ventures, with participation from a16z, and existing investor Highland Europe, which increased its holding.
hyperexponential serves insurance and reinsurance companies in the property-casualty insurance industry, which protects individuals and businesses from a wide array of risks. As factors such as climate change, geopolitical unrest, and cyberterrorism have increased the frequency and severity of risks, the industry has pursued next-generation risk pricing methods to augment or supplant traditional pricing models for a changing world.
hyperexponential’s PDI 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.
This latest funding will support hyperexponential’s expansion into the United States, as it targets opening its New York office this year. It will also enable increased investment in new product capabilities to serve growing client demand in adjacent insurance markets, including the SME insurance sector. The company plans to double its global team to over 200 in the next year.
Sponsoring its Series B investment and joining hyperexponential’s board as a director is Battery Ventures Partner Marcus Ryu, Co-founder and former CEO of Guidewire Software. Also joining the company’s board is experienced a16z General Partner Angela Strange.
IBSi Daily News Analysis
February 23, 2024
Regulated firms battle surge in financial crime attempts, research revealsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage
Other Related News
February 23, 2024