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ForMotiv, a platform that analyses end-user behavioral patterns, has announced a $6M seed round led by Vestigo Ventures. The new funds will be used to fill senior positions in technology, product, and sales at ForMotiv.
ForMotiv, a platform that analyzes end-user behavioral patterns, has announced that it has raised $6 million in a seed funding round led by Vestigo Ventures. Other participants include Plug & Play Ventures, Dreamit Ventures, ForMotiv said in a press release.
The new funds will be used to fill senior positions in technology, product, and sales in preparation for ForMotiv’s expected 700 percent growth by the end of the 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. 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
Without requiring any Personal Identifiable Information, ForMotiv provides enterprises with real-time predictive intelligence on customer intent as users interact with applications and forms (PII). Its proprietary software analyses hundreds of unique behavioral data points (digital body language) as users complete applications to accurately predict end-user intent, such as genuine or fraudulent interactions.
Enterprises receive real-time intent scoring and take action during the application, such as adding or removing friction and achieving the best results. This data improves conversion rates and user experiences while also lowering 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. 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
ForMotiv has analyzed over 300 million applications for customers such as State Auto, iPipeline, Unqork, HealthGorilla, FTI Consulting, and others since its inception, according to the press release.