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Akur8, a cutting-edge machine learning-powered insurance pricing and reserving platform, has announced the successful closure of a $120 million Series C funding round. Led by software scale-up specialist One Peak, the funding round also saw participation from global private market giant Partners Group, alongside continued support from existing investor Guidewire Software, Inc.
This new investment will accelerate Akur8’s drive for innovation, particularly in research and development (R&D). The company has big plans to enhance its platform with two new modules: “Optim,” which will assist insurers in identifying optimal pricing strategies, and “Deploy,” a rating engine designed to streamline the pricing process into production.
Since its founding in 2019, Akur8 has been at the forefront of transforming non-life insurance with its cloud-based platform. Leveraging artificial intelligence (AI), the platform offers insurers faster pricing decisions, improved financial outcomes, and enhanced risk management, all while maintaining full transparency and control.
The latest development also comes on the heels of Akur8’s acquisition of the Arius reserving platform, expanding its product portfolio. By bridging the gap between pricing and reserving, this acquisition bolsters Akur8’s position in the insurance reserving sector, offering a comprehensive solution to carriers globally.
In addition to enhancing its product suite, Akur8 aims to accelerate global expansion, focusing on key growth regions like North America. With this new capital, the company plans to reach new customer segments and tailor its platform to regional needs, positioning itself as a global leader in the insurance tech space.
Samuel Falmagne, CEO and Co-Founder of Akur8, expressed his enthusiasm for the new phase of growth, stating, “We look forward to collaborating closely with our new investors One Peak and Partners Group, two leading 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.”
Brune de Linares, Chief Client Officer and Co-Founder of Akur8, echoed this sentiment, adding, “This latest round of funding will empower us to better meet our customers’ evolving needs and equip them with innovative tools to thrive in an increasingly competitive insurance landscape.”
The investment community is clearly impressed by Akur8’s progress. Humbert de Liedekerke Beaufort, Co-Founder and Managing Partner at One Peak, highlighted the platform’s unique blend of machine learning and transparency. “Akur8 offers a truly unique cloud-based end-to-end actuarial platform, injecting speed and accuracy into insurers’ pricing processes while ensuring full transparency, auditability, and control. We are excited to partner with Akur8’s executive team on their journey toward global expansion and continued innovation.”
Pierre Curis from Partners Group also noted Akur8’s market position and potential for future growth, saying, “Akur8 has developed a next-generation pricing platform that benefits from the growing demand for sophistication among insurers and the increased adoption of new technologies. We are excited to support their ambitious management team in this next phase.”
With a total of $180 million now raised, Akur8 is well-positioned to further disrupt the insurance industry, expanding its technological leadership and product offerings. The addition of the new modules, Optim and Deploy, along with the Arius acquisition, marks a significant step forward for the company as it scales globally.
As the insurance industry continues to evolve with the adoption of AI and automation, Akur8’s commitment to innovation is setting a new standard for pricing and reserving solutions worldwide.
