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Hyperexponential (hx), a mathematical software provider for the insurance sector, raised $18 million in a funding round headed by Highland Europe. According to the company, actuaries, data scientists, and underwriters may use Hx’s Renew SaaS platform to create, deploy, and update insurance pricing models more quickly.
Hyperexponential (hx), a mathematical software provider for the insurance sector, has raised $18 million in a funding round led by Highland Europe, a growth capital fund.
London-based Hx claims that their Renew SaaS platform enables actuaries, data scientists, and underwriters create, implement, and update their insurance pricing models more quickly.
“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 to get to market with best-in-class analytics and the functionality that incumbent insurers require to transform.”Amrit Santhirasenan, hx’s CEO and co-founder
Mr. Santhirasenan and co-founder Michael Johnson, both software engineers and certified actuaries founded the company in 2017, and it now serves a customer base in charge of $50 billion in premiums.
Laurence Garrett, a 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.”