A little more than a year after B2B digital behavior intelligence company ForMotiv raised a $6 million seed round to accelerate growth, the company closed another round with similar goals.
Chief Customer Officer Mike Mayock confirmed the news to Technical.ly Monday, saying once filings are in, the round will be about $2 million, and will function as a culmination of the company’s last raise. ForMotiv is the maker of a machine learning platform that promises to help companies in financial services and insurance spaces identify risky behavior.
ForMotiv raised tentatively in 2021. It had grown for about six years with small investments before setting out to raise its seed round, raising $1 million in 2020 and $650,000 in 2018. When COVID-19 hit, the demand for new data sources, particularly behavioral data exploded, Bill Conners, CEO of ForMotiv, said in early 2021.
At that time, the company was doubling down in the property, casualty and life insurance clients that its “digital body language” tech services. By the second half of 2021, the company was ready for a seed round to accelerate the growth it was seeing.
“The methodology was, ‘How long can we make that last?’” Mayock said of the earlier raises. “And we made it last for a long time.”
This most recent round saw participation from existing investors, Mayock said Monday. Vestigo Ventures led their seed, with participation from existing investor DreamIt Ventures, Plug and Play Ventures and a few others.
“We had a strong end of the year as we brought on several Top 10 and Top 20 insurance carriers as customers, and saw an opportunity to quickly add some growth capital from our existing pool of investors,” he said in an email.
Though ForMotive workers are remote and distributed, they recently gathered for the company’s first-ever on-site in Philly. Some of the technical roles the company’s currently hiring for include data engineer and technical product manager.
“The funds will allow us to accelerate our hiring and product development timelines in 2023,” Mayock said.
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