Akur8, who uses a proprietary “Transparent AI” to automate insurance pricing, has landed $30 million from BlackFin Capital and MTech Capital in order to help actuaries and pricing teams make better, faster decisions. To date, Akur8 has raised $42 million.
Founded in 2018 by Guillaume Beraud-Sudreau and Samuel Falmagne, Akura8 automates the generation of pricing models, while still allowing actuaries to have control over the process. The startup combines the power of machine learning and the transparency required in the highly regulated insurance rating-making industry.
Akur8, who serves clients in Europe, Asia and The Americas, reports that the new funding will be used to propel expansion and market-specific product features for the largest insurance market in the world, The US. Additionally, the company wants to accelerate the development of products that would cover the entire pricing suite.
“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,” comments CEO Falmagne.