Akur8, the machine learning-powered insurance pricing and reserving platform, has announced the closure of a $120m Series C funding round.
The round was led by One Peak, a prominent growth equity firm specialising in software scale-ups, with additional backing from Partners Group, one of the largest global private market firms, and long-standing investor Guidewire Software, Inc.
The newly secured funds will be used to further drive innovation, particularly in research and development (R&D). Akur8 plans to introduce two new modules to its platform: “Optim,” which helps insurers determine optimal pricing strategies, and “Deploy,” a new rating engine designed to bring pricing into production efficiently.
Founded in 2019, the French firm has been revolutionising the non-life insurance industry with its cloud-based platform that leverages artificial intelligence (AI) to streamline insurance pricing.
Designed to provide insurers with transparency and efficiency, the platform enables quicker pricing decisions while enhancing financial outcomes and risk management.
The news follows the announcement that Akur8 has acquired the Arius reserving platform, to help broaden its product offerings to better serve insurance carriers globally.
The acquisition of Arius will also help Akur8 expand into the insurance reserving sector, bridging the gap between pricing and reserving.
Additionally, the company intends to accelerate its global expansion, focusing on key growth markets such as North America. With this investment, Akur8 aims to tap into new customer segments and tailor its offerings to meet the specific demands of these regions.
“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.
Brune de Linares, Chief Client Officer and Co-Founder of Akur8, added, “This latest round of funding will empower us to better meet our customers’ evolving needs, enhance their operational efficiency, and equip them with innovative tools to thrive in an increasingly competitive insurance landscape. We are excited about the growth opportunities and advancements this investment will unlock for our continued success.”
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, commented, “Akur8 has developed a differentiated, next-generation pricing platform that benefits from the increasing push for sophistication among insurers and from 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.”
Akur8 had previously raised a total of $60m in earlier funding rounds, with significant backing from Guidewire Software.
Walter Billet Avocats provided legal counsel to Akur8 for this transaction and has supported the company since its inception. Perella Weinberg Partners acted as Akur8’s financial advisor throughout this deal.
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