British insurance technology company hyperexponential has raised $73m (£57.24m) in its Series B funding close to enhance its insurance pricing decision intelligence (PDI) platform.
The funding round was spearheaded by Battery Ventures, which was joined by Highland Europe and Andreessen Horowitz (a16z).
Highland Europe, which also participated in the insurtech company’s Series A round, increased its stake through the latest investment.
As part of the transaction, Battery Ventures partner Marcus Ryu, also co-founder and former CEO of Guidewire Software, will become a member of the hyperexponential board.
Andreessen Horowitz general partner Angela Strange will also secure a seat on the company’s board.
The capital injection is expected to facilitate hyperexponential’s plans to establish a New York office in the current year.
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It will also support the development of new product features to meet the rising demand in adjacent insurance markets, such as the small to medium enterprise (SME) insurance sector.
Hyperexponential is on track to double its global workforce, with an aim to surpass employee headcount of 200 in the coming year.
The company’s flagship PDI platform, hx Renew, empowers insurers to utilise large and alternative datasets, rapidly develop and refine rating tools, and apply advanced machine learning techniques for risk pricing.
This enables data-driven pricing decisions at both portfolio and individual risk levels.
Since its Series A in 2021, hyperexponential witnessed a tenfold increase in sales while maintaining profitability. Its client network includes prominent insurers such as HDI, Aviva and Conduit Re.
Hyperexponential CEO and co-founder Amrit Santhirasenan said: “We have focused on building a capital-efficient, independent business that was both high-growth and sustainable from the outset.
“Although we have more cash-on-hand than we have raised, we wanted to bring on new expertise in our target markets as we continue our growth into new verticals and geographies.”
In November 2023, Akur8 partnered with hyperexponential to expedite data-driven speciality and commercial pricing for insurance companies.