In a financing round led by Insight Partners, Israeli startup Earnix Ltd., which utilizes advanced analytics to assist insurers and banks deliver customized financial products, was valued at $1 billion as per 1bsolomon the timesisrael.
In the $75 million round, existing investors Jerusalem Venture Partners, Vintage Investment Partners, and Israel Growth Partners joined the New York firm, propelling Earnix to unicorn status. Earnix’s first new round of fundraising since 2017 raises the company’s total capital to over $100 million.
Earnix founded in 2001, uses artificial intelligence and analytics to help its customers give customized rates and products. According to a statement released, the business would utilize the fresh money to expand abroad, develop new products, and support deals. Earnix has operations in the United States, Europe, and Australia.
“The business has grown to the point where this was a pre-IPO round,” said Erel Margalit, the founder of Jerusalem Venture Partners and the new chairman of Earnix. “This is an industry waiting for change for a long time. It has been looking for a platform that is both AI and dynamic.”
Lemonade Inc., Hippo Insurance, and Next Insurance are among the fast-growing insurance and financial technology startups with Israeli roots.
According to a report from Start-Up Nation Central, a non-profit group that follows Israel’s digital economy, Israeli entrepreneurs received a record $1.44 billion in January, with a half-dozen firms reporting investment rounds of at least $100 million.
Earnix Chief Executive Officer Udi Ziv said his company has well-known clients like NatWest Group Plc and Liberty Mutual and plans to grow its employment from roughly 200 people at the beginning of 2021 to 350 by the end of the year. “We are growing quickly, and are going full throttle on expansion with regards to personnel internationally,” Ziv explained.