Earnix Secures $290M for Global Insurtech Expansion
Earnix, a leading cloud-native, AI-driven platform for real-time decision-making in insurance, has secured significant funding to fuel its global expansion. Jerusalem Venture Partners (JVP) has raised $290m (NIS966.97m) from US alternative asset manager TPG, aiming to increase its stake in Earnix.
The transaction, involving a continuation fund, saw JVP, Pitango, and Vintage participate in financing. Vintage chose to roll over their shares. The capital raised will primarily be used to buy out early JVP investors. Notably, this deal has offered early fund investors the option to either roll over their investment or realise returns, delivering a gross return of 8.7-times.
Earnix, operating in over 35 countries and adopted by more than 100 tier-one insurance companies worldwide, offers 'real-time' decision-making capabilities in pricing, underwriting, and product personalisation. In April, the company agreed to acquire Zelros, a generative AI solutions provider for insurance and banks. With this move, JVP's ownership in Earnix will increase to more than 50%.
The funding will bolster Earnix's global expansion efforts, further strengthening its position in the insurtech market. The company's AI-driven platform, now backed by significant investment, continues to reshape the insurance industry's pricing, underwriting, and product personalisation processes.
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