Hyperexponential, a London-based insuretech that develops mathematical modeling software for commercial insurance providers, announced a $18 million funding round led by Highland Europe, according to TechCrunch.
The company says it will use the funding to build its commercial team, scale up product and engineering teams and expand its software internationally to North America and Bermuda, according to Insurance Insider.
Hyperexponential (hx) assists commercial insurance providers, ranging from large corporations to start-ups and Managing General Agents (MGAs), and builds and deploys insurance pricing models through its Renew platform. Renew is a web-based SaaS built on open source technology, which allows insurers to apply mathematical models across fragmented datasets and automate non-core activities of underwriters, actuaries and IT teams.
“The insurance industry is experiencing unprecedented growth, with data and technology being critical strategic drivers. Our software provides the tools that new entrants to the sector need in order to get to market with best-in-class analytics, and the functionality that incumbent insurers require in order to transform,” Hyperexponential CEO and co-founder Amrit Santhirasenan told TechCrunch.
Founded in 2017 by Santhirasenan and Michael Johnson, two former actuaries, hx now serves a client base in charge of over $50 billion worth of principals. Although the company only has a staff of 30 and no commercial team currently, it says recruiting a dedicated sales team is one of the first areas in which it will use the capital.
“We will build our commercial team to take on more projects, so we’ll look to scale that up horizontally, bring in the right salespeople to match client requirements and capitalize on untapped potential,” Santhirasenan told Insurance Insider.
Hyperexponential currently partners with a number of Self-Insurance (SI) partners, including Deloitte, EY and Actuarial Solutions. The company is an AWS partner, and also has technology partnerships with a range of companies including Addresscloud, Digital Fineprint, Insurdata and SecurityScorecard.
In other recent fintech news, credit building platform Kikoff announces its launch following $42.5 million in Series A and B funding. Bank-to-bank architecture developer Orum also announced raising a $56 million Series B, led by Accel and Canapi Ventures.