- ForMotiv, a leader in digital behavioral data capture and predictive analytics solutions, announced it raised $6 million. These are the details.
ForMotiv — a leader in digital behavioral data capture and predictive analytics solutions used by Fortune 500 insurance carriers and financial institutions carriers globally — announced it raised a $6 million seed round of funding led by Vestigo Ventures with participation from Plug & Play Ventures, DreamIt Ventures, and other investors.
This funding round comes off the heels of an explosive year for ForMotiv as the company experienced 500% ARR growth in 2021 (638% compound ARR from 2019-2021), tripled its customer base, and doubled its headcount. This round of funding will be utilized to hire senior roles across tech, product, and sales in anticipation of ForMotiv’s projected 700 percent growth by end of year.
ForMotiv provides enterprises real-time predictive intelligence on customer intent as users engage with applications and forms without needing any Personal Identifiable Information (PII). And its proprietary software analyzes hundreds of unique behavioral data points (digital body language) while users fill out applications to accurately predict end-user intent like genuine or fraudulent interactions. Enterprises receive intent scoring in real-time and can take action during the application like adding or removing friction to drive the best outcome. This data results in improved conversion rates and user experiences while simultaneously reducing risk and fraud.
Since launching, ForMotiv analyzed more than 300 million applications for customers including State Auto (recently acquired by Liberty Mutual), iPipeline, Unqork, HealthGorilla, FTI Consulting, etc.
KEY QUOTES:
“The pandemic expedited digital transformation for several industries – insurance being one of them. With enterprises seeking solutions to better understand digital behaviors and improve customer experience, ForMotiv thrived and remained profitable. In the midst of navigating a company experiencing tremendous growth, I’m thankful to be in a position where this funding is going toward scaling our team as we continue onboarding global insurance carriers and financial services companies.”
— Bill Conners, CEO of ForMotiv
“More and more enterprises are solely interacting with customers digitally, making solutions like ForMotiv’s Behavioral Intelligence Platform necessary to offer the best possible customer experience. We truly believe in ForMotiv’s next-generation platform and are excited to partner with Bill and his team as the company continues to create the future of predictive analytics solutions.”
— Michael Nugent, Managing Director at Vestigo Ventures
