Battery Ventures Leads £57.3m Funding Round for hyperexponential
Battery Ventures, a global technology-focused investment firm, has led a £57.3m ($73m) Series B funding round for hyperexponential, the global leader in pricing decision intelligence software. The round also saw participation from leading Silicon Valley investor a16z and existing Series A investor Highland Europe. Hyperexponential serves the insurance and reinsurance companies in the global property-casualty industry. The company's PDI platform, hx Renew, enables insurers to leverage large and alternative datasets and employ sophisticated machine learning approaches to make data-driven pricing decisions. With this new funding, hyperexponential plans to expand into the United States and invest in new product capabilities to meet growing demand in adjacent insurance markets.
The hx Renew platform has been widely recognized in the industry, winning the 2023 Insurance Insiders' 'Insurtech Product of the Year' award.
It has enabled companies like Convex and Conduit Re to enhance agility, improve risk transfer efficiency, and avoid aggregate losses. Aviva's Global Commercial and Specialty team, for example, was able to build 20 models in 9 months using the platform, improving the speed and accuracy of their pricing and underwriting decisions. The funding round saw Marcus Ryu from Battery Ventures and Angela Strange from a16z join hyperexponential's board of directors.
The CEO and Co-founder of hyperexponential, Amrit Santhirasenan stated, "We are delighted to have attracted a world-class set of investors who bring an unparalleled combination of experience, expertise, and support to hyperexponential in the next phase of our expansion. We believe hyperexponential is among the most compelling new entrants in insurtech." Marcus Ryu also praised the company, saying, "hyperexponential is rapidly becoming an indispensable tool for the insurance industry to thrive in a future that is not reliably the same as the past." Angela Strange from a16z added, "hx Renew is rapidly becoming the operating system for pricing risk in the global insurance market," as she expressed excitement to be joining forces with hyperexponential as they expand.
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