Earnix becomes Israeli tech’s newest unicorn with $75 million funding
The fintech company provides advanced AI-driven rating, pricing, and product personalization solutions for insurance and banking
This is set to be Earnix's final investment round before going public on Nasdaq. The company said that the new funding will fuel its 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.
Earnix combines AI with advanced analytics, enabling clients to present highly personalized offers, with its service being hosted in the cloud. 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 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 Udi Ziv, CEO at Earnix.
Earnix has been around since 2001. Its headquarters are located in the Tel Aviv suburb of Givatayim and it currently employs 200 people in total, 150 of them in Israel and the rest in the U.S., UK, and Germany. Its most recent funding round was completed in 2017 when it raised $13.5 million from Jerusalem Venture Partners, Vintage Investment Partners and Israel Growth Partners (IGP). Earnix had raised a total of $25 million prior to the latest announcement.
Jonathan Rosenbaum, Principal at Insight Partners, will be joining Earnix's Board of Directors following Sunday’s announcement. .
“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 Margalit, Chairman of Earnix and Founder & Executive Chairman of JVP.
Insight Partners, which has around $32 billion in assets under management, has been very active in the Israeli market over the past couple of years, leading investments in companies like Monday, Moonactive, Lighticks, SentinelOne, and JFrog, which went public last year. Last month, it led a $30 million funding round in Israeli startup RUN:AI, which has developed an orchestration and virtualization software layer tailored to the unique needs of AI workloads running on GPUs and similar chipsets.
“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.”