Earnix announced a $75 million Series D funding round on Sunday, but the more exciting and interesting news came with the company’s new post money valuation hitting a billion dollars. This means that we’re not in March yet, and we now have another Israeli company joining the growing Unicorn club. The investment was led by Insight Partners, with JVP (the main stakeholder), Israel Growth Partners, and Vintage Partners also participating in the round. Geektime found out that the round’s sum may still increase beyond the reported amount. The company will look to use the funds to further support Earnix’s global expansion.
Just prior to going public
Earnix developed a SaaS platform that provides AI-driven automated rating, pricing, and product personalization solutions for Insurance and Banking companies, in real-time. Earnix’s solution allows these companies to price deposits, loans, insurance policies, and more, while complying with regulation and codes.
Earnix was founded in 2001 by Sammy Krikler and has 220 employees split between offices in Israel, Germany, India, London, and the U.S. Reports speculate that this is Earnix’s last funding round before going public, however, in a chat with Geektime, CEO Udi Ziv goes beyond speculations, saying: “We are currently experiencing a wave of IPOs and SPACs, both in the local and global markets. Inside all of this, we invest our energy in furthering company growth, and expanding our technology.” This makes it seem as if Earnix hasn’t said the last word in this round, possibly expecting the round to expand before the IPO.
Insight can’t be stopped
The aforementioned investment was led by Insight Partners, who can’t stop investing in the Israel market: Last week, Insight led a round in Theator, a week before that in Granulate, and week prior to that, Insight led the round in OwnBackup, in addition to investing $30 million in Run:AI, and we can’t forget the success of doubling Armis’s valuation to $2 billion - after acquiring the company for $1.1 billion. Impressive right? And the second month of 2021 isn’t even over yet.
As part of the investment, Jonathan Rosenbaum, Principal at Insight Partners, will be joining Earnix's Board of Directors, and Erel Margalit, Founder and Chairman at JVP, will be appointed Chairman at Earnix: “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 product.”