Data firm Planck has raised $71m in funding following its latest $23m round.
The firm said that the latest round was led by Vintage Investment Partners and all existing financial investors, including Team8, Greenfield, Arbor Ventures, Viola, 3L Capital, HDI, and Nationwide, alongside private angel investors.
It said the financial planning will allow Planck to act quickly on opportunities that arise in today’s changing market and will specifically bolster development of additional products that complement the platform, along with continued geographic expansion.
Gary Gregg, former executive vice president of Liberty Mutual Group, and an advisor and investor in Planck’s latest round, said in a statement: “By partnering with Planck, commercial insurance carriers and their agents can achieve breakthrough levels of improvement in their processes and profitability by having clear, real-time views into their underwriting and business risks that are not available from standard industry data flows and typical providers.
“Insurer partners will reap the benefits from these insights to greatly improve their customer experience, operations, and bottom line.”
This latest news comes a few weeks after the firm said it was launching a new risk search engine built specifically for commercial insurance research. It said at the time that the new risk search engine solves for the shortcomings of traditional research methods, which are ineffective and time consuming.
Other products released this year by Planck include one to help insurers identify high-potential prospects and markets that match their risk appetite.
