Israeli startup Earnix Ltd., which uses advanced analytics to help insurers and banks offer personalized financial products, reached a $1 billion valuation in a financing round led by Insight Partners.
Existing investors Jerusalem Venture Partners, Vintage Investment Partners and Israel Growth Partners joined the New York firm in the $75 million round that vaulted Earnix to so-called unicorn status. Earnix’s first new funding since 2017 brings total capital raising to more than $100 million.
“The company is growing to a point where this was a pre-IPO round,” said Erel Margalit, the founder of Jerusalem Venture Partners who is set to become Earnix chairman. “This is an industry that’s been waiting for the disruption. Its been waiting for a platform that is both AI and very dynamic.”
Founded in 2001, Earnix helps its customers provide personalized rates and products using artificial intelligence and analytics. The startup will use the new funds to grow internationally, develop new products and support deals, it said in a statement Sunday.
Earnix operates in markets across North America, Europe and Australia, Margalit said in the interview.