Earnix picks up $13.5m for financial predictive analytics

Predictive analytics startup aimed at the financial services industry Earnix has raised $13.5m in a new round.

The funding for the Tel Aviv-based company comes from existing backers Jerusalem Venture Partners (JVP) and Vintage Investment Partners as well as new investor Israel Growth Partners (IGP).

Earnix’ software is designed to provide financial services companies with data science and predictive analytics capabilities to inform product, pricing and marketing decisions.

The company will use the capital to accelerate its growth strategy including expanding its geographical reach and developing new products.

The new funding brings the total raised by Earnix to $20.5m with it previously taking on $3m in a debt financing round from Viola Credit back in 2008.

The company also announced to appointment of founder and former CEO of Fundtech Reuven Ben Menachem as chairman of its board of directors.

Menachem said: “I am honored to have been selected Earnix’s Chairman, and I look forward to contributing to its purpose, vision and strategy.

“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.”

IGP co-founder and general partner Haim Shani, who is the former director general of the Israeli Ministry of Finance, is also joining Earnix’s board as director.

Copyright © 2017 FINTECH GLOBAL

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