(Tel Aviv Museum of Art. Photo credit: Arthur Schmunk.)
Earnix, a Tel Aviv-based provider of predictive analytics solutions for the insurance and financial services industries, has completed a $13.5 million financing round with Jerusalem Venture Partners (JVP; Jerusalem, Israel), Vintage Investment Partners (Tel Aviv), both long-time investors, and Israel Growth Partners (IGP; Hakfar Hayarok, Israel), a new investor.
Earnix reports that the funding will be used to accelerate its growth strategy, which includes a combination of geographic expansion, deeper penetration into the banking vertical, and investment in new products. A company statement says that Earnix is ready to commercialize its next-generation analytics platform, which embraces predictive analytics, deep machine learning and big data technologies.
The company also announced that Reuven Ben Menachem has been elected as Chairman of the Earnix Board of Directors. Ben Menachem is the founder and former CEO of Fundtech, a leading global provider of software to the financial services industry, which he led since its inception until its acquisition by D+H in 2015 for $1.25 billion. Haim Shani, co-founder and general partner of IGP, has also been appointed as a Director. Mr. Shani is the former CEO of NICE Systems, as well as the former Director General of the Israeli Ministry of Finance. The Earnix statement describes the appointees as bringing extensive experience and a successful track-record of building high-tech companies into leading global providers in the highly competitive financial technology sector.
“I am honored to have been selected Earnix’s Chairman, and I look forward to contributing to its purpose, vision and strategy,” comments Ben Menachem. “The investment enables us to capitalize on our successful business model and to solidify our position as a predictive analytics leader in the financial services software industry.”
Quality Employees, Technology and Products
“IGP is very excited to join the Earnix family. We believe that Earnix has great potential in this dynamic high-growth predictive analytics market,” says Shani. “We are extremely impressed by the quality of its employees, technology and products and I look forward to working with the management team as they implement their growth strategy.”
“This investment reflects our continued support and belief that Earnix is becoming the leading predictive analytics provider in the financial services industry,: comments Raffi Kesten, Managing Partner, JVP. “As the largest investor in Earnix, I want to welcome Reuven and Haim to the Earnix Board of Directors. Their past accomplishments as CEOs of large companies servicing the financial services industry speak for themselves, and I believe they will make a substantial contribution towards our future success.”
Earnix provides integrated customer analytics software designed to enable insurance and financial services companies to achieve optimal business performance through data science and predictive analytics. Earnix characterizes its analytical solutions as driving superior product, pricing and marketing decisions, while ensuring alignment with changing market dynamics. The solutions combine predictive modeling and optimization with real-time connectivity to core operational systems, in order to bring analytics-driven decision support to all customer interactions.