Earnix, the Leader in AI-driven Rating, Pricing and Product Personalization for Insurance and Banking, Announces $75M Growth Funding with a Pre-Money Valuation of $1B to Accelerate Its Global Expansion
BOSTON, MA – February 21, 2021 – 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.
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 P&C 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.
“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 & 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.”
Earnix is a leading provider of mission-critical systems for global insurers and banks. Through Earnix, customers are able to provide prices and personalized products that are smarter, faster, and safer in full alignment with corporate business goals and objectives. Earnix’s customers deliver over 1 billion quotes per year through Earnix’s solutions, offering systemized, enterprise-wide value with ultra-fast ROI. Earnix has been innovating for Insurers and Banks since 2001 with offices in the Americas, Europe, Asia Pacific, and Israel. For more information, visit earnixdev1.wpengine.com.
About Insight Partners:
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
JVP founded in 1993 by Dr. Erel Margalit, is an internationally renowned VC fund. Among the pioneering firms of the Israeli VC industry, JVP has been instrumental in building some of the world’s largest companies to emerge, facilitating numerous IPOs on NASDAQ, including CyberArk Software (NASDAQ: CYBR, $4.7 billion mkt. cap.), QLIK Technologies (NASDAQ: QLIK, then $4 billion mkt. cap.) and Cogent Communications (NASDAQ: CCOI, $3 billion mkt. cap.) as well as many large industry sales. Over the past decade JVP has spearheaded the creation of international Centers of Excellence, including the AI and Media center in Jerusalem, the Cyber center in Beer Sheva, the Foodtech and Agritech center in the Galilee, the International Cyber and FinTech center in NYC, in partnership with NYC/EDC and the leading universities of the city. Recently JVP has decided to open a newly emerging center in the UAE that will be a new chapter for Israeli technologies to engage with the region. For more information on JVP, visit jvpvc.com, or follow us on Twitter: @JerusalemVenturePartners.