Planck, a U.S.-based AI data platform for commercial insurance, announced on Wednesday it raised $16 million through its Series B Funding Round. With its $12 million Series A, the company has raised a total of $28 million. Founded in 2016, Planck claims to be the leading commercial insurance data platform, built to enable insurers to instantly and accurately underwrite any business.
“Planck’s technology platform aggregates and mines massive datasets, using the latest advances in artificial intelligence (AI) to automatically generate and deliver key insights customized to the commercial underwriting process. The end result is a frictionless underwriting process with greater insurer visibility into risk factors, leading to improved new business conversion and retention rates and lower loss ratios.”
Planck also noted that its platform brings automation and intelligence to the underwriting process, which empowers commercial insurers to focus on underwriting that truly requires human expertise. Speaking about the investment round, Co-Founder and CEO of Planck, Elad Tsur, stated:
“As with any fundraising process, it was challenging but critical for implementing our vision. If you’ve ever fundraised for a startup, then you know how stressful it can be. It all started in the fourth quarter of 2019. Before that, I was working 12-hour days. Once the fundraising initiative started, I started working 14-hour days and most weekends. Don’t get me wrong – I absolutely LOVED the process. I love stories and books, and telling the story of our amazing startup to investors felt incredible. When you see so many smart people fall in love with your amazing team, product and vision, it lets you know you’re doing something right!”
Planck is planning to use the funds to continue the growth and development of its platform.