InsurTech firm hyperexponential has raised £57 million in Series B funding, and plans to expand into the United States with its pricing decision intelligence software hx Renew. Designed for the multi-trillion-dollar global property-casualty insurance industry, hx Renew allows insurers and reinsurers to utilize a range of datasets, speed up rating tool development, and use advanced machine learning techniques to price risks. While focusing on sustainable growth, hyperexponential’s latest funding round was led by global technology-focused investment firm Battery Ventures, which has allowed it to double its sales since its Series A in 2021.
Following its expansion, hyperexponential aims to open a New York office this year and to tap into the SME insurance sector. Moving into its next phase of growth, hyperexponential has attracted a world-class set of investors, including Battery Ventures partner and former CEO of New York-listed Guidewire Software Marcus Ryu, who will now join the firm’s board.
“We’ve focused on building a capital-efficient, independent business that was both high-growth and sustainable from the outset,” said CEO and co-founder Amrit Santhirasenan. “Although we have more cash-on-hand than we’ve raised, we wanted to bring on new expertise in our target markets as we continue our growth into new verticals and geographies.”
Battery Venures partner Ryu praised the insurtech: “hyperexponential is among the most compelling new entrants in InsurTech I have seen in over 20 years of serving the P&C insurance industry.”. With its board now featuring Ryu and a16z general partner Angela Strange, hyperexponential is well placed to expand in an industry aiming to thrive in a future that cannot be predicted from the past.