ForMotiv Raises $6M Seed+ Round on the Heels of 500 Percent Growth in 2021
ForMotiv’s Behavioral Intelligence Platform is Trusted by Fortune 500s to Analyze Digital Behavior, Improve Customer Experience, and Ultimately Reduce Risk and Fraud
PHILADELPHIA – September 28, 2021 – 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 iPipeline, Unqork, HealthGorilla, FTI Consulting, and more.
ForMotiv’s Behavioral Intelligence solution helps companies predict user intent, in real-time, as they fill out digital applications. We invented a lightweight solution to collect hundreds of unique digital behavioral data points while customers/agents fill out applications and claims forms. We then translate that digital “body language” into “Intent Intelligence” in real-time to enhance underwriting precision while helping to expand opportunities for accelerated underwriting and straight-through processing.
We’re currently helping leading financial service companies bridge that gap between customer experience and risk & fraud teams by enabling dynamic experiences that add or remove friction depending on the user’s motives and intent. In addition, ForMotiv is being used to help optimize agent workflows, remarketing to high-intent customers, identify application friction, predict abandonment, identify instances of application misrepresentation, predict risk, fraud, and much more. Visit www.formotiv.com for more information.
About Vestigo Ventures
Vestigo Ventures is an early-stage venture capital firm headquartered in Cambridge, Massachusetts that invests in financial technology (fintech) companies. The firm was founded by David Blundin, founder and chairman of Cogo Labs, Mark Casady, former CEO and chairman of LPL Financial, and Managing Director Ian Sheridan. Mike Nugent serves as a Managing Director. Vestigo Ventures has identified four areas of concentration: market structures, operations solutions, worksite management and personal wealth. Learn more at www.vestigoventures.com.