Earnix, an Israeli fintech company, has become the latest member of the Israeli Unicorn Club with a $ 75 million funding round with a $ 1 billion pre-valuation. The round was led by Insight Partners, with existing investors JVP, Vintage Partners and Israel Growth Partners participating in the round.
This will be Arnicks’ final investment round before it is released on the Nasdaq. The company said that new financing will drive global expansion into new market segments and regions, increase investment in product innovation, accelerate employment rapidly and further predict the needs of rapidly changing markets. He said he would support M & A activities.
Earnix combines AI with advanced analytics to allow clients to offer highly personalized offers, the service being hosted in the cloud. In 2020, Earnix was recognized by CB Insights as the market leader in predictive analytics for P & C insurers and was named one of the 11 notable insurers by P & C 360 in 2021.
Earnix CEO Udi Ziv Photo: Fletcher Wilson
This is a testament to both the power and differentiation of existing products with unique and innovative features, demonstrating untapped potential to further drive the success of clients around the world, Earnix said. CEO Udi Ziv said.
Arnicks has been in business since 2001. Headquartered in Gibatime, a suburb of Tel Aviv, it currently employs a total of 200 people, 150 of whom are in Israel and the rest in India, the United States, the United Kingdom and Germany. The latest round of funding was completed in 2017, raising $ 13.5 million from Jerusalem Venture Partners, Vintage Investment Partners and Israel Growth Partners (IGP). Earnix had raised a total of $ 25 million before the latest announcement.
Insight Partners Principal Jonathan Rosenbaum will join Earnix’s board of directors following Sunday’s announcement. ..
Welcome friends of Insight, Jeff Halling and Jon Rosenbaum. As they move to real-time quotes and personalized products, they continue to provide insurance and banks with muscle and brain to build world-class category leaders. Margarit, Chairman of Earnix, Founder and Executive Chairman of JVP. JVP founder Erel Margalit. Photo: Shahar Azran
With approximately $ 32 billion in assets under management, Insight Partners has been very active in the Israeli market for the past two years, leading investments in companies such as Monday, Moonactive, Lighticks, SentinelOne and JFrog, which was unveiled last year. I am. Last month, Israeli startup RUN: AI led a $ 30 million funding round that developed an orchestration and virtualization software layer tailored to the unique needs of AI workloads running on GPUs and similar chipsets. ..
Insight Partners Principal Jonathan Rosenbaum states that Earnix offers a truly differentiated and true SaaS product in a market full of custom development and services. Insurance and banking customers have a strong mission to adopt new technologies and related processes to stay competitive. Earnix is in a unique position to capture this demand for the benefit of its customers and end consumers. Earnix is one of the most important core systems that insurance companies or banks will procure in the coming years. We look forward to partnering with the company to meet our growth plans for the next few years with our unmatched ScaleUp resources.
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