Hyperexponential, a London-based insurtech startup, has successfully raised $73 million in Series B equity funding. The round was led by Boston-based VC firm Battery Ventures, with participation from existing investors Highland Europe and Andreessen Horowitz.
This fresh influx of funds will support Hyperexponential’s expansion into the US, as it plans to open an office in New York this year. The investment will also enable increased investment in new product capabilities to serve growing client demand in adjacent insurance markets, including the SME insurance sector. Furthermore, the company plans to double its global team to over 200 in 2025.
Hyperexponential’s PDI Platform
Founded by Amrit Santhirasenan and Michael Johnson in 2017, Hyperexponential serves insurance and protects individuals and businesses from a wide array of risks. Its Pricing Decision Intelligence (PDI) platform, hx Renew, enables insurers to leverage large and alternative datasets and develop rating tools rapidly. This platform is touted to be the world’s first pricing decision intelligence platform dedicated to insurers.
Recognition and Growth
Hyperexponential’s hx Renew platform was named Insurance Insiders’ 2023 ‘Insurtech Product of the Year,’ enabling customers like Convex and Conduit Re to sharpen their competitive edge with enhanced agility, efficient risk transfer, and aggregate loss avoidance. hx Renew is used by leading insurers across the globe to write $37 billion in GWP per annum.
Amrit Santhirasenan, CEO and Co-founder of Hyperexponential, emphasized building a capital-efficient, independent business that was both high-growth and sustainable from the outset. Marcus Ryu, Battery Ventures Partner, praised the Startup as a compelling new entrant in insurtech. Angela Strange, General Partner at a16z, highlighted the critical role of hx Renew in the global insurance market.
A New Phase of Expansion
The Series B funding round marks a new phase of expansion for the company, particularly in the US market. With its innovative PDI platform, the company is rapidly becoming an indispensable tool for the insurance industry.