US-Israeli fintech startup Earnix, a global provider of advanced AI-powered rating, pricing, and product personalization solutions for insurance and banking, has announced $75 million in growth funding with a pre-money valuation of $1 billion.
The funding round has pushed the company towards unicorn status, where it joins other privately-held companies valued at over $1 billion.
The round was led by Insight Partners, with existing investors JVP (Jerusalem Venture Partners), 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,” the company said in a statement.
Jonathan Rosenbaum, principal at Insight Partners, will be joining Earnix’s Board of Directors.
Founded in 2001, Earnix combines innovative AI with advanced analytics, which enables clients to present highly personalized offers with the right product at the right price at the right time. Hosted in the cloud, Earnix’s offerings enable agile processes, robust automation, and strong governance in alignment with business objectives. Earnix has offices in North America, Europe, Asia Pacific and Israel.
Driven by advanced Israeli technology, Earnix “will continue to accelerate new product innovation while facilitating rapid development of its flexible and open platform,” the company’s statement said. The growth investment will accelerate this buildout.
“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.
“Earnix offers a differentiated, true SaaS product in a market riddled with custom development and services,” added Rosenbaum.
“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 Dr. Erel Margalit, chairman of Earnix and founder and executive chairman of JVP.
“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,” said Rosenbaum, “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.”