Amrit Santhirasenan, Co-founder, CEO at hyperexponential said the funding would be used to help scale the insurtech, which has grown from a staff of 18 to 120 and works to meet new demands in the SME sector.
The financing will support hyperexponential’s expansion into the United States, as it targets opening its New York office this year and enable increased investment in new product capabilities to serve growing client demand in adjacent insurance markets. The company also plans to double its global team to over 200 in the next year.
hyperexponential serves insurance and reinsurance companies in the multi-trillion-dollar global property-casualty insurance industry, which protects individuals and businesses from a wide array of risks. As factors such as climate change, geopolitical unrest, and cyberterrorism have increased the frequency and severity of risks, the industry has pursued next-generation risk pricing methods to augment or supplant traditional pricing models for a changing world.
New board member for hyperexponential
In a significant development for the rapidly expanding insurtech company, Strange, a distinguished figure among Google’s early product leaders and a seasoned Fintech General Partner at a16z, has also joined Hyperexponential’s board. She joins Laurence Garrett and David Blyghton from Highland Europe.
Santhirasenan said: “Michael Johnson and I are delighted to share that hyperexponential has just closed a $73m Series B funding round. We are exceptionally proud of the calibre of investors who are joining Team hx: Marcus Ryu at Battery Ventures and Angela Strange at Andreessen Horowitz. As the founder and former CEO of the leading insurance administration software company, Guidewire, Marcus’s experience of building the world’s last generational insurance platform is a significant lever for us as we attempt to build the world’s next one!”
“I believe hyperexponential is among the most compelling new entrants in insurtech I have seen in over twenty years of serving the P&C insurance industry,” said Marcus Ryu. “As former software engineers and actuaries with top tier commercial insurers, Amrit and Michael each bring a deep practitioner’s grasp of the new requirements for risk pricing. 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.”
Santhirasenan confirmed the capital would provide further opportunities to scale and innovate: “This funding marks a pivotal moment for us, as we prepare to scale our team and lay down roots in New York to meet demand from the US and the SME sector. It’s never been about growth for growth’s sake though: insurance needs a mission-critical pricing decision platform and it’s our lives’ work to make the best one out there”
Santhirasenan added: “We don’t rest on our laurels at hyperexponential; it’s part of my job as Chief Paranoia Officer to make sure of this! However, today’s a day to celebrate the phenomenal hard work and talent of our team, and to thank our progressive and demanding clients for their support. I’m excited for our next chapter.”
