ForMotiv, the leader in digital behavioral data capture and predictive analytics solutions used by Fortune 500 insurance carriers and financial institutions carriers globally, today announced its $6M Seed+ 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 percent ARR growth in 2021 (638 percent compound ARR from 2019-2021), tripled its customer base, and doubled its headcount. The new 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.
“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,” said Bill Conners, CEO of ForMotiv. “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.”
ForMotiv provides enterprises real-time predictive intelligence on customer intent as users engage with applications and forms, without needing any Personal Identifiable Information (PII). Its proprietary software analyzes hundreds of unique behavioral data points (digital body language) while users fill out applications to accurately predict end-user intent, such as genuine or fraudulent interactions. Enterprises receive intent scoring in real-time and can take action during the application, such as 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.
“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,” said Michael Nugent, Managing Director at Vestigo Ventures. “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.”
Since launching, ForMotiv has analyzed more than 300 million applications for customers including State Auto (recently acquired by Liberty Mutual), iPipeline, Unqork, HealthGorilla, FTI Consulting, and more.