Startups
Business / Crowdfunding / Digital access / Finance / Startups

Digital behavioral intelligence startup ForMotiv raised $1M after big 2020 growth

A big reason ForMotiv is growing so fast: “COVID has definitely served as the digital transformation accelerator for the financial services industry."

ForMotiv's behavioral analytics software in a video explainer. (Screenshot)

Center City digital behavior intelligence company ForMotiv announced a round of fundraising this month, touting increased customer demand and intent to hire.

The five-year-old B2B startup’s artificial intelligence and machine learning platform promises to help companies in financial services and insurance spaces identify risky behavior. Its $1 million round came from existing investors and DreamIt Ventures, and will be used primarily to hire more employees to keep up with 2020’s quick growth. ForMotiv previously raised $650,000 in 2018.

“We weren’t exactly looking to raise money, but with the digital transformation accelerating due to COVID, the demand for new data sources, particularly behavioral data, has exploded,” said Bill Conners, president of ForMotiv, in a statement. “In 2021, we will analyze hundreds of millions of digital applications, which consist of anywhere from one to 55+ screens so the amount of data we’re collecting and analyzing at this point is significant.”

The tech platform works like this: Using information from customer’s digital behavior — which it calls “Digital Body Language” — while interacting with online forms (time to complete applications, repeated changes to responses and other red flags), ForMotiv identifies potentially risky client profiles and recommends additional steps to verify the information. The number of digital applications the company analyzed jumped from 100,000 to 100 million in 2020, it said.

The new funding will put the company in a position to hire more and serve its growing customer base, Conners said. Head of Product Mike Mayock also told Technical.ly in an email that toward the end of 2020, the company signed several large insurance carriers in the U.S., including Exton’s iPipeline.

“Covid has definitely served as the digital transformation accelerator for the financial services industry which is why digital body language and its value in risk identification and customer experience improvements has become such a hot topic,” Mayock said.

ForMotiv was in the news last spring for its efforts to feed healthcare workers and support the restaurant industry through the Fuel the Fight campaign. The org delivered more than 50,000 meals across Philadelphia, spending $450,000 at local restaurants.

Companies: DreamIt Ventures

Before you go...

Please consider supporting Technical.ly to keep our independent journalism strong. Unlike most business-focused media outlets, we don’t have a paywall. Instead, we count on your personal and organizational support.

3 ways to support our work:
  • Contribute to the Journalism Fund. Charitable giving ensures our information remains free and accessible for residents to discover workforce programs and entrepreneurship pathways. This includes philanthropic grants and individual tax-deductible donations from readers like you.
  • Use our Preferred Partners. Our directory of vetted providers offers high-quality recommendations for services our readers need, and each referral supports our journalism.
  • Use our services. If you need entrepreneurs and tech leaders to buy your services, are seeking technologists to hire or want more professionals to know about your ecosystem, Technical.ly has the biggest and most engaged audience in the mid-Atlantic. We help companies tell their stories and answer big questions to meet and serve our community.
The journalism fund Preferred partners Our services
Engagement

Join our growing Slack community

Join 5,000 tech professionals and entrepreneurs in our community Slack today!

Trending

Philadelphia Police are investigating vandalism at the home of a Ghost Robotics exec and the company’s Penn HQ

Top 3 vital trends founders should know before pitching investors in 2024

How a Philly gun detection startup raised millions in a tough environment: ‘Give a damn’

5 assistive tech platforms to propel the future of work for people with disabilities

Technically Media