Akur8 secures $120 million in Series C financing round

The machine learning platform Akur8 has secured 120 million US dollars in investment. The company plans to use the funds to expand its pricing and reservation platform.

Paris, London, September 2024 - The machine learning-based platform Akur8 has raised 120 million US dollars in a Series C financing round. This brings the total amount invested in the company to 180 million US dollars. The financing round was led by growth equity firm One Peak, with participation from Partners Group and existing investor Guidewire Software. Akur8 plans to use the fresh funds to further advance its product development and accelerate its global expansion, particularly in North America.

New approach in the insurance sector

Since its founding in 2019, Akur8 has specialized in developing a platform that helps insurers make pricing processes more efficient and accurate. By using machine learning, Akur8's software enables insurers to create rates faster, assess risks better and optimize financial results. The company stands out with its transparent AI, which, unlike traditional black box models, enables full verifiability and control.

The platform is aimed specifically at actuaries, who benefit from the user-friendly interface and rapid implementation of Akur8 solutions. Insurance companies worldwide are using the technology to compete in an increasingly competitive market.

Focus on product development and global expansion

The new financial resources will be invested in several strategic areas. A central focus will be on expanding the product portfolio. Akur8 plans to introduce two new modules:

• Optim is designed to help insurers identify the best pricing strategy to fit their objectives.
• Deploy, a rating engine, will enable pricing teams to seamlessly integrate their pricing into production systems.

With the support of One Peak and Partners Group, we aim to stay ahead of industry trends and provide an unrivaled platform for insurers worldwide

Samuel Falmagne, CEO and co-founder of Akur8

Another important step is the integration of the recently acquired Arius reservation platform. This acquisition allows Akur8 to combine its expertise in insurance pricing with reservations. By combining these two areas, a gap is to be closed and new market segments addressed.

Strengthening presence in North America

In addition to product development, Akur8 is also pushing ahead with its global expansion. The company sees great potential in North America in particular. By strengthening its presence in this region, Akur8 aims to tap into new customer segments and better adapt its offerings to local requirements. The new investors share the company's vision of taking a leading role in the insurance industry in terms of pricing and reservations.

Positive response from investors

The investors are impressed by Akur8's technology and potential. Humbert de Liedekerke Beaufort, co-founder and Managing Partner of One Peak, emphasizes: "Akur8 offers a unique end-to-end platform for actuaries that uses proprietary machine learning algorithms. This accelerates and clarifies the pricing process for insurers without losing the necessary transparency and control.

Akur8 has developed an outstanding next-generation pricing platform. We look forward to supporting the management team in the next phase of growth."

Pierre Curis, Partners Group

Looking to the future

At a time when insurers are increasingly turning to modern technology to ensure their competitiveness, Akur8 appears well placed to capitalize on these developments. With more than 250 customers in over 40 countries, the platform is already in use worldwide and the company plans to build on this success in the coming years.