French insurance technology company Akur8 has raised $25m in a new funding round, which was joined by new investor FinTLV.

The round, which brings the total funds raised to exceed $60m, also saw participation from Guidewire Software and existing investor BlackFin Capital Partners.

Akur8 offers a machine learning-powered pricing solution to enhance insurers’ pricing capabilities by automating technical and commercial premium modelling.

The insurtech claims that it currently serves more than 100 customers such as AXA, Generali, Tokio Marine North America Services (TMNAS) Munich Re, and MS&AD.

According to Akur8 chief client officer Brune de Linares, the funds will be used to further expedite the transformation of insurance pricing, support expansion in key markets, including the US and APAC, and provide property and casualty (P&C) and health carriers with an advanced, integrated pricing solution.

FinTLV managing partner Gil Arazi said: “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.”

Akur8 CEO Samuel Falmagne said: “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.”

In July this year, Cypress Property & Casualty Insurance Company selected Akur8 to bolster its pricing capabilities across the personal and commercial lines of business.