Planck’s new funding round raises an additional $20m
Planck, an AI-based data platform for commercial insurance, has raised an additional round of $20 million, by new investors 3L Capital and Greenfield Partners and Planck’s existing investors which include Team8, Viola Fintech, Arbor Ventures and Eight Roads.
Planck draws on a wide range of sources for data, including online images, text, videos, reviews and public records, to generate risk-related insights for business using just a name and address. Planck’s holistic approach to manufacturing insights provides an accurate view of key insurance influencing parameters. Carriers, MGAs and brokers leverage Planck’s platform for underwriting new and renewing policies, instant quoting, lead generation, and claims.
Planck provides insurance-related data insights and analytics for more than 50 major business segments, including restaurants, construction, retail and manufacturing, and multiple insurance lines, including workers compensation, errors and omissions, and general liability.
“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,” says Planck CEO, Elad Tsur.
Paige Thacher, principal at 3L Capital added: “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.”
Yuda Duron, partner at Greenfield Partners said: “By tapping into the vast array of available, digitised information on small and medium sized businesses, carriers working with Planck have an unprecedented ability to know their customers and have seen significant improvements in loss and expense ratios. They’ve seen that their underwriting models perform when leveraging accurate risk insights.”
Planck currently works with dozens of commercial insurance companies in the US, and among them are more than half of the top-30 insurers. The company’s latest round brings its total raised so far to $48 million. The new funding is earmarked to build out a US team and for global expansion to EMEA, APAC, and the UK. Planck is targeting expansion to global regions that are open to digital innovation and where the capabilities of its language agnostic AI platform can be easily deployed.
Concurrent with the round, Ernie Feirer is joining the Planck team as head of US business. Feirer will oversee all of Planck’s US-based sales, marketing and business development initiatives. Prior to Planck, Feirer ran the commercial insurance business at LexisNexis Risk Solutions, where he built a portfolio of data analytics solutions that improved property and casualty carrier outcomes.
“I admire the early success of Planck and the meaningful value the platform provides to insurers,” said Feirer. “They have solved the insurance industry’s long standing need for accurate, real time small business insurance insights. I look forward to leveraging my experience to help accelerate the Company’s growth.”
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