US-Israeli commercial insurance data platform Planck has raised $16 million in a Series B funding, the company announced Wednesday. The investment round was led by Team8 Capital, the venture arm of Israeli think tank and content creation platform Team8, with participation from new investors Nationwide and HDI Group, and all existing investors including Viola FinTech, Arbor Ventures, and Eight Roads.
Founded in 2016, Planck aims to transform the commercial insurance data space by providing an artificial intelligence (AI) driven data platform. Planck also streamlines commercial underwriting processes and provides real-time data insights for small and medium business segments across the United States.
The investment brings the company’s total funding to $28 million.
The company said the new round will enable it to expand its customer base and support its global expansion and product roadmap, including further expansion within the US market and in Germany in 2021.
Planck has been working with a number of commercial insurance companies in the US, including top US carriers such as Chubb and Great American Insurance Group’s Republic Indemnity.
“We are grateful for the opportunity to help our customers understand the changes in their books and business that have occurred in the last couple of months, due to the COVID-19 breakout,” said Elad Tsur, Planck co-founder and CEO.
“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,” he added.