Paris-based SaaS InsurTech startup, Akur8, has landed $8.9 million in its Series A funding from BlackFin Capital Partners and MTech Capital, bringing its total funding to $11.2 million till date. With this investment, Akur8 is planning to widen its services across the US and Europe.
In 2018, Guillaume Beraud-Sudreau and Samuel Falmagne founded Akur8, an AI SaaS InsurTech startup, to address the issues of ever-increasing pressure of the insurance industry along with finding a way to offer them a speedy and accurate price for commercial and retail insurance customers.
Akur8 claims that its platform can build risk models ten times faster as compared to the traditional manual process, and it helps to lower the pricing time of the market to a few hours rather than taking weeks. Currently, many insurance companies are using Akur8 across Europe and America.
The Akur8 has a different perspective on the standard machine learning method that it does not work correctly because it is difficult to reverse engineers. So, it has developed unique algorithms that are dedicated to insurance pricing along with showing its operational working to provide transparency to achieve the confidence of industry along with governing requirements.
BlackFin Capital Partners MD Julien Creuzé said that Akur8 has successfully developed an evolved AI-based risk modeling solution and pricing in-build with enormous value potential for insurers who support it. Besides, its expertise tends to be a must-have product for every insurer who wants to stay informed in an ever-rising competitive and complex ecosystem. It is a proud moment for BlackFin to be Akur8’s partners with this round.
MTech Capital co-founder Kevin McLoughlin said that their funding thesis focuses majorly on backing visionary founders that are aiming to transform insurances by using technology. MTech’s team is proud to be a backer of Akur8, as it is a unique platform which is intending to resolving several issues of the industry.
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