Hyperexponential secures $73m in Series B for insurance pricing platform

Hyperexponential, renowned for its pricing decision intelligence (PDI) software, celebrated the completion of a $73 million Series B funding round. This significant investment was led by Battery Ventures, a global technology-focused investment firm, with participation from Silicon Valley’s prominent investor a16z, and existing Series A investor Highland Europe, which increased its holding.

Hyperexponential serves the multi-trillion-dollar global property-casualty insurance industry. The industry, grappling with challenges like climate change and cyberterrorism, seeks advanced risk pricing methods. Hyperexponential’s PDI platform, hx Renew, addresses this need by enabling insurers to leverage large datasets and employ machine learning for precise risk pricing and data-driven decisions.

Since its Series A in 2021, hyperexponential has witnessed a 10x growth in sales while remaining profitable. Its clientele includes major insurers such as Aviva, HDI, and Conduit Re. The hx Renew platform has been recognized as 2023’s ‘Insurtech Product of the Year’ by Insurance Insiders, underscoring its impact on the industry.

Insurance Tech Leader Hyperexponential Raises $73M, Eyes Expansion and Innovation

The latest funding will bolster hyperexponential’s expansion into the United States, with plans to open a New York office. It also aims to enhance product capabilities and address growing demands in adjacent insurance markets, including the SME sector. The company intends to double its global team to over 200 in the coming year.

Marcus Ryu, a partner at Battery Ventures and former CEO of Guidewire Software, joins hyperexponential’s board, bringing extensive industry experience. a16z General Partner Angela Strange also joins the board, adding her expertise in the sector.

Amrit Santhirasenan, hyperexponential’s CEO, emphasizes the company’s focus on sustainable, high-growth business strategies. He expresses enthusiasm for the new expertise brought by the investors, aiding the company’s growth into new verticals and geographies.