Artificial Intelligence (AI) data platform Planck has announced that it secured $16 million in its series B funding round, bringing its total investment amount to $28 million.
The round was led by Team8 Capital, with participation from all existing investors (Viola FinTech, Arbor Ventures, Eight Roads) alongside new strategic investor additions Nationwide and HDI Group.
Founded in 2016, Planck leverages industry expertise and data science to streamline commercial underwriting processes, providing real-time data insights for small and medium business segments the US.
It has been working with a large number of commercial insurance companies in the US, including Chubb, Great American Insurance Group’s Republic Indemnity, and AIG’s Attune.
With the new funding, the company plans to further expedite the expansion within the US market, as well as into additional geographies, starting with Germany in 2021.
“Identifying the actual risk factors is the core of insurance. During times of rapid changes, real-time data is more crucial than ever,” said Elad Tsur, Planck CEO and co-founder.
“Planck will continue its role as a catalyst for digital transformation initiatives on all fronts, so commercial insurers can reduce the time and resources invested in the submission, underwriting, audit and renewal processes; incorporate new indicative markers into their models; and above all, achieve a dramatic increase in data accuracy and completeness, all of which yields better business results,” Tsur continued.
Erik Ross, leader of Nationwide’s venture capital and mergers and acquisitions teams, also commented: “After assessing several companies in the marketplace, we quickly determined Planck provides faster and more consistent data for commercial insurers like Nationwide.”
“We are impressed with this founding team’s experience building and scaling companies across both AI and insurtech and are looking forward to supporting their growth.”
“We were very impressed by the depth of Planck’s technology stack and its ability to highlight all related risk factors of a business in real time. I’m very much looking forward to working with such an experienced, proven leadership team to drive this transformational technology across the commercial insurance sector,” added Sarit Firon, Managing Partner at Team8 Capital.