Summary
Insurance tech company Guidewire announced Tuesday the acquisition of the agentic underwriting insurance company Hyperexponential for $1.7 billion in …
The deal, expected to close sometime next year, is to help bring AI agents to work alongside humans to underwrite, analyze, and price decisions. The deal is worth around $2 billion in total, with $400 million in additional capital reserved if certain revenue targets are hit.
Backed by Andreessen Horowitz and Battery Ventures, Hyperexponential was founded in 2017 and has raised nearly $90 million to date, according to PitchBook. So this marks a significant return for investors. The U.K.-based AI startup says nearly 600 insurers across 40 different countries use its software.
Source: TechCrunch Startups
