Planck, the AI-based data platform known for commercial insurance underwriting, announced raising a USD 20 million growth round. The funding came from Greenfield Partners and 3L Capital, and more participants involved were returning investors Team8, Viola Fintech, Arbor Ventures, and Eight Roads.
“We’re focused on executing against a robust roadmap of new products and services that represent a broad approach to addressing commercial insurers’ needs across the insurance continuum,” Planck CEO Elad Tsur said.
This brings the New York-based start-up’s total raised amount to about USD 48 million, including a USD 16 million Series B announced in June 2020. The company says that it works with several commercial insurance companies in the US, wherein half are the top-30 insurers.
The new funding will be used to build the US team, expand into global markets, and add products in new business segments. Ernie Feirer is the new head of the US business segments in Planck.
The platform works to allow the database to store a variety of information and give it back at the right time. The database includes online images, texts, videos, public records, reviews, which gives insurance providers access to real-time information that helps them cater to premiums and process claims.
For example, if a healthcare business is seeking to buy or update an insurance policy, Planck can provide information in various forms. It can provide information on equipment used, the kind of drug prescribed, and the type of surgeries performed.
In a statement, 3L Capital Principal Paige Thacher said, “Commercial carriers and brokers can no longer afford to rely upon traditional data sources as they prospect, assess risk and monitor a small business insured’s changing exposure during the policy life cycle. The new imperative is to leverage AI and machine learning technologies to dynamically harvest business insights from the insured’s digital footprint.”