Unicorn companies in Bermuda

Unicorn Companies in Bermuda in 2024

By Aashish Pahwa
[Reader Disclosure]Our content is reader-supported. This means we may earn a commission if you click on some of our links.

Bermuda may not be the first place you think of for unicorn companies, but it's swiftly emerging as a hub for innovation. Hamilton, the capital city, is at the forefront, fostering a growing startup ecosystem that ranks 893rd globally. Fintech is booming here, thanks to a supportive regulatory environment and proactive government policies.

The island's appeal to global talent and strategic location make it an attractive spot for entrepreneurs. While its tech sector is still developing, Bermuda's strong background in financial services and insurance provides a solid foundation for potential unicorns.

Let’s take a closer look at the unicorn companies in Bermuda.

Rundown

S.No
Name
Valuation
Unicorn Milestone Date
City
Industry
1
Afiniti
$1.60B
2017-04-17
Hamilton
Enterprise Tech

List of Unicorn Companies in Bermuda

Collibra

Afiniti

  • Valuation: $1.60B
  • Industry: Enterprise Tech
  • Investors: GAM Holding
  • Unicorn Milestone Date: 4/14/2017

About

Afiniti is an American multinational data and software company, founded in 2006 by Zia Chishti. The company specializes in artificial intelligence (AI) solutions aimed at enhancing customer experience (CX) by optimizing interactions between customers and call center agents. Afiniti's technology leverages AI to pair customers with the most suitable agents based on data-driven insights, thereby improving customer satisfaction and business outcomes. The company is headquartered in Hamilton, Bermuda, and has a valuation of $1.6 billion, making it a unicorn startup.

Target Audience

Afiniti primarily targets large enterprises across various industries, including:

  • Telecommunications
  • Healthcare
  • Travel and Hospitality
  • Insurance
  • Banking

Business Model

Afiniti employs a unique business model that focuses on performance-based compensation. Instead of charging upfront fees for its software and services, Afiniti takes a percentage of the incremental revenue generated as a result of using its AI technology. This model aligns Afiniti's incentives with those of its clients, ensuring that both parties benefit from improved business outcomes. The company uses extensive data from various sources to match customers with the most suitable agents, thereby enhancing the efficiency and effectiveness of customer interactions.

Key Offerings

  • eXperienceAI: Personalizes customer engagement to improve interaction quality and increase value.
  • Afiniti Inside: Combines AI optimizations with CRM and omni-channel orchestration platforms to enhance customer engagement.
  • Behavioural Pairing: Uses AI to match customers with agents based on predicted interpersonal behaviour, improving customer satisfaction and sales.

Key Management

  • Hassan Afzal - Chief Executive Officer
  • Thomas Inskip - President

Investment Timeline

  • 2017: Raised $80 million in funding, reaching a valuation of $1.6 billion.