Fintech startup Earnix, a developer of artificial intelligence software that allows banks and insurers to personalize offerings to customers, said it has raised $75 million from investors, at a pre-money valuation of $1 billion. The fundraising makes the Givatayim, Israel-based startup a new Israeli “unicorn” — a company valued at $1 billion and over.
The investment round was led by Insight Partners, with existing investors JVP, Vintage Partners and Israel Growth Partners joining the round.
The new funding will fuel Earnix’s global expansion into new market segments and regions, increase investment in product innovation, increase the number of employees, and support merger and acquisition activities, to better meet “the needs of a rapidly changing market,” the company said in a statement on Sunday.
Earnix cloud-based platform combines AI with advanced analytics that does modeling and simulations, and enables banking and insurance clients to give highly personalized price and product offerings to their customers in real time. Both insurers and banks need to respond to consumers who require rates and products that are tailored to their needs in a smarter and faster way. To do this, banks and insurance firms need to automatically process huge amounts of data.
In 2020, Earnix was recognized by New York-based data firm CB Insights as the “Market Leader for Predictive Analytics for Property & Casualty Insurers” and has been named one of “11 Insurtechs to Watch in 2021” by P&C 360.
The investment “will accelerate the reach and impact” of the company’s business, “assuring our ability to meet a broad range of industry needs, and to deliver the best personalized rates and products to every customer, every time,” said Udi Ziv, CEO at Earnix, in the statement.
The firm has offices in North America, Europe, Asia Pacific and Israel.
“Customers across insurance and banking have a strong mandate to adopt new technologies and related processes so as to remain competitive,” said Jonathan Rosenbaum, principal at Insight Partners, in the statement. The software as a service product offered by Earnix “is uniquely positioned to capture this demand to the benefit of their customers and the end consumers.”
Earnix, which seeks to transform the insurance and banking industries, provides “the muscles and the brains for insurance and banking, as they move to real-time quotes and personalized products,” said Erel Margalit, chairman of Earnix and founder and executive chairman of JVP.