Akur8 has closed a new funding round of $25m, bringing its total funding to $60+m.

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Akur8, the next generation insurance pricing solution powered by Transparent AI, has closed a new funding round of $25m, bringing its total funding to $60+m. This latest investment round closed four years after Akur8 first commercialized its platform and introduces a new investor, FinTLV, a global Insurtech and fintech venture capital fund based in Tel Aviv. Besides FinTLV, Guidewire Software, Inc. (NYSE:GWRE) is also investing in this round, together with historical investor BlackFin Capital Partners.

As Akur8 and FinTLV embark on this journey together, they will kick off their collaboration with a momentous joint in-person event in Tel Aviv on September 4. This event will gather 120 actuaries from Israel’s insurance industry and will be part of the Insurtech Israel 2023 Global Summit, a networking event for global insurance industry experts, serving as an ideal platform to foster this new partnership.

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“This latest milestone will enable us to accelerate the transformation of insurance pricing even further, fuel our growth in key markets such as 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,” stated Brune de Linares, Chief Client Officer at Akur8.

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“To further enable and enhance our capabilities, we recently conducted a new fundraising to bring additional strategic partners to the table. FinTLV Ventures, a leading global venture capital firm with an extensive network investing in top insurtech and fintech companies, chose to invest in Akur8 - a powerful endorsement of our immediate and future potential,” noted Samuel Falmagne, CEO of Akur8.

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Gil Arazi, Managing Partner at FinTLV agreed. “We take pride in investing in only the top insurtech companies in the industry, and Akur8 has proven again and again that their powerful insurance pricing software stands above the rest.”

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About Akur8

Akur8 is revolutionizing insurance pricing with Transparent Machine Learning, boosting insurers’ pricing capabilities with unprecedented speed and accuracy across the pricing process without compromising on auditability or control.
Our modular pricing platform automates technical and commercial premium modeling. It empowers insurers to compute adjusted and accurate rates in line with their business strategy while materially impacting their business and maintaining absolute control of the models created, as required by state regulators. With Akur8, time spent modeling is reduced by 10x, the models’ predictive power is increased by 10% and loss ratio improvement potential is boosted by 2-4%.
Akur8 already serves 100+ customers across 40+ countries, including AXA, Generali, Munich Re, Tokio Marine North America Services (TMNAS) and MS&AD; commercial P&C insurers FCCI and HDVI; specialty insurers Canopius and MGA Bass Underwriters; consulting partner Milliman and Perr & Knight; and insurtechs NEXT, Manypets and wefox. Over 1,000 actuaries use Akur8 daily to build their pricing models across all lines of business.

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About FinTLV

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FinTLV is a global venture capital fund focused primarily on Insurtech and Fintech. The fund backs some of the most promising companies in these domains in the US, Europe and Israel and invests across all stages. It supports its portfolio companies with its experience in the insurance field and with its global network of tens of insurance and reinsurance partners.

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Media contacts

For Akur8

Vera Buttinger

Marketing Director

vera.buttinger@akur8.com

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For FinTLV

972-36930900

info@fintlv.com

https://fintlv.com/

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