Paris-based company Akur8 successfully raised $30 million in a Series B investment round. With its latest round of funding, the total amount raised by the company is now at $42 million, reports Tech Crunch.
The Series B investment was led by an undisclosed investor, said Tech Crunch. However, there are other existing investors who took part in the said funding round. These include BlackFin Capital Partners as well as MTech Capital.
Prior to this funding round, Silicon Canals reports that both BlackFin Capital Partners and MTech Capital also participated in the Series A investment round in March 2020.
Tech EU says that the company makes use of a proprietary “Transparent AI.” This technology is reportedly used to help automate the prices of insurance. Akur8 was founded in 2018 by Guillaume Beraud-Sudreau and Samuel Falmagne.
With its proprietary technology, Akur8 provides insurance companies with an insurance pricing platform powered by artificial intelligence that gives automated prices and optimization for insurers.
According to Silicon Canals, the algorithms and machine learning capabilities used by the Paris-based insurtech company works with a cloud-based SaaS platform to immediately find inconsistencies in pricing as well as find new patterns in the market, allowing insurers to come up with risk models that keep up with the needs of the time.
Akur8 counts some of the top insurers of the world as its clients, including AXA, specialty insurer Canopius, Generali, Munich Re, and yet another specialty insurer Tokio Marine Kiln. On top of these Tech Crunch also said that it works with other insurance technology firms such as Wakam, wefox, and Matmut.
As of writing, Silicon Canals reveals that the Akur8 platform is being utilized by approximately 350 individuals within their customers’ respective teams. Today, it is working with more than 30 insurers across 10 countries such as London, New York, and Paris.
With its fresh funding, the company gears up for international expansion. It is currently eyeing to successfully permeate the United States. It will also focus on expanding more in the United Kingdom, states UK Tech.
Besides growing its company, Silicon Canals mentioned that Akur8 will be allocating a part of its funding to develop other products to address the full pricing suite, make features designed for its customers in the United States, as well as add more features to optimize and enhance its current programs.
In a statement, chief executive officer and Akur8 co-founder Samuel Falmagne said, “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.”