202128 Sep

B2B digital behavior intelligence company ForMotiv raised a $6M seed round, with hiring to come

Summary

Formerly Center City-based ForMotiv, maker of a machine learning platform that promises to help companies in financial services and insurance spaces identify risky behavior, raised $6 million in a seed round. It will also go toward product development and further investing in the space where ForMotiv has been doubling down in the last year or so — the property, casualty and life insurance clients that its “digital body language” tech services. Using information from customer’s digital behavior while interacting with online forms (such as time to complete applications, key strokes, repeated changes to responses and other red flags), ForMotiv can identify 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, and it signed several large clients like Exton’s iPipeline. While the company is operating remotely, Mayock said the cofounders are committed to seeking Philly talent in the future, and he envisions getting a regional office some time soon.

Source: Technical

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