AI insurtech Planck raises new cash from new investors to boost growth

Insurtech Planck has raised $16 million in series B funding being its total investment to date to $28 million.

The funding 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.

Planck uses artificial intelligence to help commercial insurers to increase written premiums while reducing expense and loss ratios. It said the new money will allow it to expand its customer base faster and support its global expansion.

Elad Tsur, Planck CEO and co-founder, said: “Identifying the actual risk factors is the core of insurance. During times of rapid changes, real-time data is more crucial than ever.

“We are thankful for the ongoing support and trust demonstrated by our customers and new and existing investors in this round. 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.

“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.”

Erik Ross, leader of Nationwide’s venture capital and mergers and acquisitions teams, added: “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.”