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.