UK – hyperexponential, a London, UK-based leader in pricing decision intelligence (PDI) software, closed its $73m Series B funding round.
The round was led by Battery Ventures, with participation from a16z, and existing investor Highland Europe. Sponsoring its Series B investment and joining hyperexponential’s board as a director is Battery Ventures Partner Marcus Ryu, Co-founder, Chairman, and former CEO of Guidewire Software (NYSE:GWRE). Also joining the company’s board is experienced a16z General Partner Angela Strange.The company intends to use the funds to expand into the United States, as it targets opening its New York office this year, increase investment in new product capabilities to serve growing client demand in adjacent insurance markets, including the SME insurance sector, and plan to double its global team to over 200 in the next year.Led by Amrit Santhirasenan, CEO, hyperexponential serves insurance and reinsurance companies in the multi-trillion-dollar global property-casualty insurance industry, which protects individuals and businesses from a wide array of risks. Its PDI platform, hx Renew, enables insurers to leverage large and alternative datasets, develop and refine rating tools rapidly, and employ sophisticated machine learning approaches to price risk and make data-driven pricing decisions at the portfolio and individual level. The hx Renew platform enables customers like Convex and Conduit Re to sharpen their competitive edge with enhanced agility, efficient risk transfer, and aggregate loss avoidance. In 2023, Aviva’s Global Commercial and Specialty team was able to build 20 models in 9 months, unlock machine learning capabilities and improve the speed and accuracy of their pricing and underwriting decisions, even as the frequency and severity of risks continues to evolve continuously. Since the company’s Series A in 2021, hyperexponential has grown sales 10x while staying profitable, serving some of the world’s largest insurers, including Aviva, HDI, and Conduit Re. 11/01/2024
