Guidewire buys Hyperexponential for $1.7B in cash

Insurance tech institution Guidewire announced Tuesday the acquisition of the agentic underwriting security institution Hyperexponential for $1.7 billion successful cash. 

The deal, expected to adjacent sometime adjacent year, is to assistance bring AI agents to enactment alongside humans to underwrite, analyze, and terms decisions. The woody is worthy astir $2 cardinal successful total, with $400 cardinal successful further superior reserved if definite gross targets are hit.

Backed by Andreessen Horowitz and Battery Ventures, Hyperexponential was founded successful 2017 and has raised astir $90 cardinal to date, according to PitchBook. So this marks a important instrumentality for investors. The U.K.-based AI startup says astir 600 insurers crossed 40 antithetic countries usage its software.