Earnix, a global provider of advanced AI-driven rating, pricing, and product personalization solutions for Insurance and Banking, has announced $75M in growth funding with a pre-money valuation of $1B. The 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, rapidly accelerate hiring and support M&A activities to further anticipate the needs of a rapidly changing market. Leveraging this investment, Earnix will continue to bring transformational value to Insurance and Banking by bridging the gap between financial institutions and the needs of their customers. Jonathan Rosenbaum, Principal at Insight Partners, will be joining Earnix’s Board of Directors.
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Earnix combines innovative AI with advanced analytics, enabling clients to present highly personalized offers with the right product at the right price at the right time. In 2020, Earnix was recognized 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 Property & Casualty 360. Hosted in the cloud, Earnix’s offerings enable agile processes, robust automation, and strong governance in alignment with business objectives.
“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. 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,” said Udi Ziv, CEO at Earnix.
With offices in North America, Europe, Asia Pacific and Israel, Earnix has focused on expanding its global footprint, in response to the growing need in the marketplace. Driven by advanced Israeli technology, Earnix will continue to accelerate new product innovation while facilitating rapid development of its flexible and open platform. The growth investment will accelerate this buildout.
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“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 their customers and the end consumers. Earnix represents one of the most important core systems an insurer or bank will procure in the coming years. With our unparalleled ScaleUp resources, we look forward to partnering with the company to meet its growth plans in the coming years.”
“I’m delighted to welcome my friends from Insight, Jeff Horing and Jon Rosenbaum, as we continue building a world class category leader, providing the muscles and the brains for Insurance and Banking, as they move to real-time quotes and personalized products,” said Erel N. Margalit, Chairman of Earnix and Founder and Executive Chairman of JVP. “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. With a growing presence in North America, Europe, Asia Pacific and Israel, Earnix brings its technology excellence as a true international leader.”
Earnix’s early commitment to enable highly personalized offers has been supported by the dominant trends in the market. Today, consumers are increasingly demanding highly personalized offers in real-time. Both Insurers and Banks need to respond to the market with increasing agility and confidence, incorporating enormous sets of data through operationalized and automated processes to provide rates and products in a manner that is smarter, faster and safer.
“We are thrilled to welcome Udi and the entire Earnix team to the Insight portfolio,” said Jeff Horing, Insight Partners’ Co-Founder and Managing Director. “As a firm, we’ve focused on vertical market SaaS leaders, and believe Earnix has the right combination of product leadership within a large addressable market to build a big, enduring company. We’re truly excited to support them on their journey ahead.”
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