Earnix, a provider of AI-driven solutions for insurance and banking, said Sunday it raised $75 million in growth funding with a pre-money valuation of $1 billion. The round was led by Insight Partners, with existing investors JVP, Vintage Partners and Israel Growth Partners joining the round.
The funding will help Earnix expand into new market segments and regions, increase investment in product innovation, rapidly accelerate hiring and support M&A activities, the company said. The company’s valuation makes Earnix Israel’s newest unicorn, joining some 50 other private Israeli companies with valuations above $1b.
Earnix – which has offices in Givatayim, as well as in North America, Europe and Asia Pacific – combines innovative AI with advanced analytics to allow insurers and banks to present customized and personalized offers. The company was recognized last year by CB Insights as the “Market Leader for Predictive Analytics for P&C Insurers” and has been named one of “11 Insurtechs to Watch in 2021” by P&C 360.
“This is just another testament to both the power and differentiation of our existing product offering, with its unique and innovative capabilities, and the untapped potential in further driving the success of our clients globally,” said Earnix CEO Udi Ziv. “This investment will accelerate the reach and impact of our world-class smarter business velocity solutions, coupled with the breadth, size and reach of our customers, 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.”
“Earnix offers a differentiated, true SaaS product in a market riddled with custom development and services,” said Jonathan Rosenbaum, principal at Insight Partners. “Customers across Insurance and Banking have a strong mandate to adopt new technologies and related processes so as to remain competitive. Earnix is uniquely positioned to capture this demand to the benefit of its customers and the end consumers. Earnix represents one of the most important core systems an insurer or bank will procure in the coming years.”
Following the investment, Rosenbaum will join Earnix’s Board of Directors.“We look forward to continuing to work with Udi Ziv and the amazing team of Earnix as the company strives to transform the Insurance and Banking industries,” said Erel N. Margalit, Chairman of Earnix and Founder & Executive Chairman of JVP. “With a growing presence in North America, Europe, Asia Pacific and Israel, Earnix brings its technology excellence as a true international leader.”