CTech – Israeli fintech company Earnix has announced a $ 75 million round of funding with a pre-monetary value of $ 1 billion. This makes it the newest member of the Israeli Unicorn Club. The round was led by Insight Partners, with existing investors JVP, Vintage Partners and Israel Growth Partners participating.
This will be Earnix’s final round of investments before Nasdaq goes public. The company said the new funding will fuel its global expansion into new market segments and regions, increase investment in product innovation, accelerate hiring quickly, and support M&A’s activities to further anticipate the needs of a rapidly changing market.
Earnix combines AI with advanced analytics and enables customers to present highly personalized offers, with the service hosted in the cloud. In 2020, Earnix was recognized by CB Insights as the “Leader in Predictive Analytics for P&C Insurers” and named one of the “11 Insurtechs to Watch in 2021” by P&C 360.
« This is just one more proof of that The performance and differentiation of our existing product offering with its unique and innovative capabilities and the untapped potential to further drive the success of our customers worldwide, « said Udi Ziv, CEO at Earnix.
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Earnix has been around since 2001. Its headquarters are in the suburb of Givatayim in Tel Aviv. It currently has a total of 200 employees, 150 of them in Israel and the rest in India, the USA, Great Britain and Germany. The last round of funding was completed in 2017 when $ 13.5 million was raised from Jerusalem Venture Partners, Vintage Investment Partners and Israel Growth Partners (IGP). Earnix had raised a total of $ 25 million prior to the last announcement.
Jonathan Rosenbaum, Principal at Insight Partners, will join the Earnix Board of Directors following the announcement on Sunday.
« I’m very excited to have « Welcome to my friends at Insight, Jeff Horing and Jon Rosenbaum, as we continue to build a world-class leader in providing the muscle and brain for insurance and banking as they move to real-time offerings and personalized products, » said Erel Margalit, Chairman of Earnix and Founder of &, Executive Chairman of JVP.
With approximately $ 32 billion in assets under management, Insight Partners has been very active in the Israeli market over the past few years, leading investments in companies like Monday , Moonactive, Lighticks, SentinelOne and JFrog, which went public last year, and last month announced a funding round of 3 Realized $ 0 million for Israeli startup RUN: AI, which developed an orchestration and virtualization software layer tailored to meet the unique needs of AI workloads running on GPUs and similar chipsets.
« Earnix offers a differentiated, true SaaS product in a market full of custom development and services, « said Jonathan Rosenbaum, Principal at Insight Partners. “Customers in insurance and banking have a strong mandate to introduce new technologies and related processes in order to remain competitive. Earnix is uniquely positioned to capture this demand for the benefit of its customers and end users. Earnix is one of the most important core systems an insurer or bank will procure in the years to come. With our unparalleled ScaleUp resources, we look forward to working with the company to fulfill its growth plans in the years to come. «