TEL AVIV, Israel, Sept. 15, 2022 (GLOBE NEWSWIRE) — Planck, a leading AI–powered data and analytics platform, recently closed a $23 million funding round to continue its mission of empowering commercial insurers with real–time and accurate insights. The financing, which brings the company's total to $71 million, was led by Vintage Investment Partners and all existing financial investors, including Team8, Greenfield, Arbor Ventures, Viola, 3L Capital, HDI and Nationwide, alongside private angel investors.
By partnering with Planck, commercial insurance carriers and their agents can achieve breakthrough levels of improvement in their processes and profitability by having clear, real–time views into their underwriting and business risks that are not available from standard industry data flows and typical providers. Insurers are reaping the benefits from Planck's insights to greatly improve their customer experience, operations, and bottom line.
“This round is a testament to the consistent execution of the Planck team, the trust they've gained from their customers and strong endorsement of its shareholders. Pioneering a leading solution that keeps up with dynamic market demands, coupled with their customer–centric mentality sets Planck apart from others," said Amit Frenkel, General Partner at Vintage Investment Partners. “Planck's deep domain knowledge and technical skillset enable Planck's customers to digitally transform their traditional business models to maintain their competitive edge."
The financial backing will allow Planck to act quickly on opportunities that arise in today's changing market and will specifically bolster development of additional products that complement the platform, along with continued geographic expansion. Planck recently launched solutions like its underwriting risk search engine, which solves for the shortcomings of traditional research methods, and Prospect Intelligence that helps carriers expand into new markets, reduce customer acquisition costs, and drive growth.
"Our record acceleration and the confidence of investors during this economic downturn is a strong indicator of the platform's value and necessity," said CEO and founder Elad Tsur. "We are energized to continue our journey of bringing the most advanced AI–powered insights to the financial services industry across the globe and excited to achieve the vision we are forging alongside our customers, investors and employees."
Among others, six of the top ten commercial insurance carriers in the U.S, as well as top carriers in Europe and Japan are already benefiting from Planck's offerings.
About Planck
Planck, an automated AI–powered data platform for commercial insurance, has solved the industry's long–standing need for real–time accuracy and truth. Planck enables insurers to drive service and underwriting excellence by connecting the most up–to–date insights, with just a business name and address. Global carriers, MGAs, and insurtechs leverage Planck's holistic solution for growth strategies; submission prefilling; prioritization and validation; underwriting new business; renewing existing policies; premium auditing and more. The platform makes managing risk much faster and more predictable, resulting in increased written premium while reducing loss and expense ratios.
Planck was founded by a team of relentless entrepreneurs with extensive backgrounds in insurance and technology, and has almost 100 employees globally. The company has raised $71 million to–date, led by Vintage, 3L Capital, Greenfield Partners, Arbor Ventures, Viola Fintech, Team8, Nationwide, HDI and Eight Roads.
For more information, visit www.planckdata.com.
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