Behavioral Analytics Provider ForMotiv Raises $6 Million

Real-time user behavior analysis platform ForMotiv this week announced it has raised $6 million in a third seed funding round. The company has raised a total of $7.5 million to date.

ForMotiv’s new funding round was led by Vestigo Ventures. DreamIt Ventures and Plug & Play Ventures also participated.

The company plans to use the new funding to hire senior roles in its tech, product, and sales teams.

Founded in 2016, the Philadelphia, Pennsylvania-based company provides an end-to-end platform that tracks and analyzes users’ digital behavior in real real-time, to predict intent, such as fraud, profitability, and even abandonment.

Enterprises receive intent scoring in real-time and can immediately take action if required, to improve experiences or reduce risks and fraud.

“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.

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Ionut Arghire is an international correspondent for SecurityWeek.

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