(Image source: hyperexponential homepage.)
hyperexponential (London), a global provider of pricing decision intelligence (PDI) software, has announced the completion of its $73m Series B funding round led by global technology-focused investment firm Battery Ventures (Boston), with participation from leading Silicon Valley investor a16z, and existing Series A investor Highland Europe, which increased its holding.
hyperexponential’s PDI platform, hx Renew, enables insurers to leverage large and alternative datasets, develop and refine rating tools rapidly, and employ sophisticated machine learning approaches to price risk and make data-driven pricing decisions at the portfolio and individual level, according to a company statement. hyperexponential reports that, since its Series A round in 2021, it has grown sales tenfold while staying profitable, serving some of the world’s largest insurers, including Aviva, HDI, and Conduit Re.
The company says the latest round of financing will support its expansion into the United States, as it targets opening its New York office this year. The firm says the new financing will also enable increased investment in new product capabilities to serve growing client demand in adjacent insurance markets, including the SME insurance sector. The company plans to double its global team to over 200 in the next year.
Sponsoring its Series B investment and joining hyperexponential’s board as a director is Battery Ventures Partner Marcus Ryu, Co-founder, Chairman, and former CEO of Guidewire Software (San Mateo, Calif.). Also joining the company’s board is experienced a16z General Partner Angela Strange.