Akur8, a firm specialising in next-generation insurance pricing via Transparent AI, has successfully closed a new funding round to the tune of $25m.
This new injection of funds elevates the company’s total financing to over $60m.
The latest funding round comes four years after Akur8 first introduced its platform to the market. New to the investor list this time is FinTLV, a global InsurTech and FinTech venture capital fund rooted in Tel Aviv. Also taking part in this funding round is Guidewire Software, Inc., joined by Akur8’s historical investor, BlackFin Capital Partners.
Diving deeper into what Akur8 offers, the company is on a mission to transform the insurance pricing landscape. Utilising Transparent Machine Learning, Akur8 provides unprecedented speed and accuracy throughout the pricing process for insurers without compromising on auditability or control.
According to Brune de Linares, Chief Client Officer at Akur8, the latest funding will be utilised to “accelerate the transformation of insurance pricing even further, fuel our growth in key markets such as 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 company is planning a significant in-person event in Tel Aviv on September 4, in collaboration with FinTLV. This event, part of the InsurTech Israel 2023 Global Summit, aims to gather 120 actuaries from Israel’s insurance industry and will serve as a platform for nurturing this nascent partnership.
Akur8 CEO Samuel Falmagne noted that “to further enable and enhance our capabilities, we recently conducted a new fundraising to bring additional strategic partners to the table. FinTLV Ventures, a leading global venture capital firm with an extensive network investing in top insurtech and fintech companies, chose to invest in Akur8 – a powerful endorsement of our immediate and future potential.”
FinTLV’s Managing Partner, Gil Arazi, added that, “We take pride in investing in only the top insurtech companies in the industry, and Akur8 has proven again and again that their powerful insurance pricing software stands above the rest.”
In previous rounds, the company has raised over $35m, bringing its total funding to $60m+.
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