Written by Gloria Maithrey
today
- Battery projects
- Financial technology
- highlands europe
Pricing Decision Intelligence (PDI) software expert Hyperexponential has completed a $73 million Series B funding round led by technology-focused investment firm Battery Ventures, with participation from a16z, and existing investor Highland Europe, which increased its holding.
Hyperexponential serves insurers and reinsurers in the property casualty insurance industry, protecting individuals and businesses from a wide range of risks. As factors such as climate change, geopolitical unrest, and cyberterrorism have increased the frequency and severity of risks, the industry has pursued next-generation risk pricing approaches to augment or replace traditional pricing models for a changing world.
Hyperexponential’s PDI platform, hx Renew, allows insurers to leverage large, alternative data sets, quickly develop and optimize rating tools, use cutting-edge machine learning methods to price risk and make data-driven pricing decisions at the portfolio and individual levels.
This latest funding will support the company’s US expansion, as it targets to open its New York office this year. It will also enable increased investment in new product capabilities to meet growing customer demand in adjacent insurance markets, including the SME insurance sector. The company plans to double its global team to more than 200 in the next year.
Marcus Ryu, co-founder and former CEO of Guidewire Software, is shepherding the Series B investment and joining Hyperexponential’s board as a director. Also joining the company’s board of directors is a16z General Partner Angela Strange.
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