AI-powered insurance pricing solution Akur8 has closed its Series B on $30m to support its international expansion.
The Series B round was backed by existing investors BlackFin Capital Partners and MTech Capital.
Capital from the round will help Akur8 expand internationally, with a focus on deepening its footprint in the US. The company also hopes to establish a presence in APAC in 2022.
Funds will also help the InsurTech to accelerate its product development pipeline to cover the full pricing suite, develop US-tailored features and create more value-added features to enhance existing modules.
This investment comes just two years after Akur8 first commercialised its platform and 15 months after its Series A round, which closed on €8m in 2020. The round was led by BlackFin Capital Partners and MTech Capital.
Founded in 2018, the company’s goal is to transform insurance pricing through its transparent AI solution. Its AI enables actuaries and pricing teams to make quicker and better decisions by automating the generation of pricing models.
Akur8’s solution enhances insurers’ pricing processes by automating risk and demand modelling through AI technology. Its core benefits include a reduction in modelling time and increased prediction power.
Over the past two years, the company has acquired over 30 customers across ten countries. Its clients include AXA, Generali, Munich Re, Canopius and Tokio Marine Kiln.
Akur8 co-founder and CEO Samuel Falmagne said, “We are happy to announce the closing of our Series B funding round and are grateful for the support we have seen from our investors.
“This latest milestone will enable us to accelerate the transformation of insurance pricing even further, fuel our international expansion in the US and APAC, and equip P&C and health carriers with a state-of-the-art, integrated pricing solution that we have been building and refining tirelessly.”
The InsurTech company has raised a total of $42m in funding.
Akur8 recently teamed up with Munich Re. The deal sees Akur8 deploy its rate modelling solution into the insurer and will be made available across all of its entities.
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