London-based insurtech hyperexponential (“hx”) — which has a mathematical modeling software for the commercial insurance sector — has closed an $18 million funding round led by growth capital fund Highland Europe.
Hx says it helps companies build, deploy and update their insurance pricing models faster, via a SaaS platform called Renew that is aimed at actuaries, data scientists and underwriters.
Amrit Santhirasenan, hx’s CEO and co-founder, said: “The insurance industry is experiencing unprecedented growth, with data and technology being critical strategic drivers. Our software provides the tools that new entrants to the sector need in order to get to market with best-in-class analytics, and the functionality that incumbent insurers require in order to transform.”
Launched in 2017 by Santhirasenan and co-founder Michael Johnson, both software engineers and qualified actuaries, it now services a client base in charge of $50 billion worth of premium.
Laurence Garrett, partner at Highland Europe, said: “We believe hx offers a unique combination of actuarial expertise and software engineering knowhow that delivers exactly the tools that commercial insurers need as their marketplace continues to evolve and transform. This is a sector that is changing very rapidly and hx has already demonstrated considerable growth; we want to help them bring their cloud-based tools and innovation to even more insurers and insurtech companies.”