Hyperexponential Secures $18M Funding

hx Secures $18 Million in Funding to Accelerate Insurance Modeling

hx, a London-based insurtech company specializing in mathematical modeling software for commercial insurance, has successfully completed an $18 million funding round.

The investment was spearheaded by Highland Europe, a prominent growth capital fund.

Renew Platform Empowers Insurers

hx’s core offering is a Software-as-a-Service (SaaS) platform named Renew.

This platform is specifically designed to accelerate the process of building, deploying, and updating insurance pricing models.

Renew caters to the needs of actuaries, data scientists, and underwriters within the insurance industry.

Industry Transformation and hx’s Role

According to Amrit Santhirasenan, CEO and co-founder of hx, the insurance sector is currently undergoing substantial expansion.

He emphasizes that data and technology are now pivotal strategic components for success.

Santhirasenan stated that their software equips both new market entrants and established insurers with the necessary tools for advanced analytics and transformation.

Company Background and Growth

Founded in 2017 by Santhirasenan and Michael Johnson, both experienced software engineers and qualified actuaries, hx has rapidly gained traction.

Currently, the company supports a client base responsible for managing over $50 billion in insurance premiums.

Highland Europe’s Perspective

Laurence Garrett, a partner at Highland Europe, highlighted hx’s distinctive blend of actuarial knowledge and software development expertise.

He believes this combination provides commercial insurers with precisely the tools they require to navigate the evolving marketplace.

Garrett noted the rapid changes occurring within the sector and hx’s demonstrated growth, expressing Highland Europe’s commitment to expanding the reach of hx’s cloud-based solutions to a wider range of insurers and insurtech firms.

The firm intends to support hx in delivering further innovation to the insurance landscape.