ForMotiv, a Philadelphia, PA-based provider of digital behavioral data capture and predictive analytics solutions used by insurance carriers and financial institutions carriers, raised $6M in Seed+ funding.
The round was led by Vestigo Ventures with participation from Plug & Play Ventures, Dreamit Ventures, and other investors.
The company intends to use the funds to hire senior roles across tech, product, and sales.
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.
Led by Bill Conners, CEO, ForMotiv provides enterprises with 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.
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.
FinSMEs
30/09/2021