Israel-based Earnix has raised $75 million in funding and the company has now achieved “unicorn” status, valued at a staggering $1 billion, reports Shoshanna Solomon in The Times of Isreal. [israelbased earnix 75m 1bsolomon timesisrael]
Key Takeaways:
- Israel-based fintech Earnix raised $75M, valuing it at $1B and achieving unicorn status
- Earnix offers AI-based solutions for banks and insurance providers
- Funding will be used to expand globally, increase staff, develop products, and adapt to a changing market
- Earnix was named a market leader in predictive analytics by CB Insights in 2020 and one of the top insurtechs to watch by P&C 360 in 2021
- Earnix has raised over $100M in funding from six rounds
Earnix offers personalized AI-based offerings to banks and Insurance providers. At a pre-money valuation of a whopping $1 billion, Earnix announced in February 2021, that the AI services providing startups has raised $75 million. This is another big win for Israeli startups as another fintech company achieves unicorn status.
Three of the existing partners participated in the round led by Insight Partners. The existing partners were Vintage Partners, JVP, and Israel Growth Partners.
“Customers across insurance and banking have a strong mandate to adopt new technologies and related processes so as to remain competitive… [Earnix’s SaaS] is uniquely positioned to capture this demand to the benefit of their customers and the end consumers,” said Jonathan Rosenbaum, principal at Insight Partners. [israelbased earnix 75m 1bsolomon timesisrael]
Erel Magalit, executive chairman and founder of JVP, said that Earnix is the solution to all the changing needs of banks and insurance providers. He said, “[Earnix is] the muscles and the brains for insurance and banking, as they move to real-time quotes and personalized products.” Erel Magalit is also the chairman of Earnix apart from his executive role at JVP.
As the Israeli startup has reached unicorn status, the new funding, according to the company executives, will be used to accelerate the company’s expansion into the global fintech market.
In a public statement, the company also stated that the fresh capital will be used to increase the number of employees, fuel the company’s suite of products, and make the company suitable for “the needs of a rapidly changing market.”
The CEO of Earnix, Udi Ziv, said in a recent statement, “[the investment] will accelerate the reach and impact [of Earnix], 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.”
The year 2020 wasn’t that bad for Earnix. The Israel-based AI solutions provider was awarded as the “Market Leader of Predictive Analytics for Property & Casualty Insurers” by CB Insights, a New York-based data firm. In 2021, the company made it to the list of the “11 Insurtechs to Watch in 2021,” by P&C 360. [israelbased earnix 75m 1bsolomon timesisrael]
About Earnix
Founded by Sammy Krikler and Yoni Cheifetz and based in Giv’atayim, Tel Aviv, Israel, Earnix is an AI-driven software solutions provider and one of the industry leaders when it comes to intelligent decision-making.
To date, Earnix has raised over $100 million in six funding rounds. The latest round took place on February 21, 2021, and was led by Insight Partners in which the fintech startups raised $75 million. Before that, Earnix raised $13.5 million in a round co-led by Israel Growth Partners and Jerusalem Venture Partners (JVP) in 2017. [israelbased earnix 75m 1bsolomon timesisrael]
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