DataCubes, developer of a platform designed to help commercial insurance carriers make underwriting decisions, has closed a $15.2 million round of financing.
Plans for the money involve investment in research and development and also hiring. DataCubes said it will hire 50 people to help support its expanding client base, which includes The Hanover, Selective Insurance, RLI, Columbia Insurance Group and others.
Palm Drive Capital led the financing, though Altos Ventures, NFP Ventures, Stage 2 Capital and MPK Equity Partners also participated, along with existing investors Seven Capital and MK Capital.
Overall, the Illinois-based InsurTech startup has raised nearly $18 million in less than three years.
The company’s d3 Underwriting platform is designed to help carriers accurately quote commercial insurance policies by asking customers a few simple questions. It relies on machine learning, artificial intelligence and data science to automate underwriting and eliminate paperwork.
DataCubes co-founder and CEO Kuldeep Malik said in prepared remarks that the company is prepared to go the distance in its drive to change how commercial carriers underwrite risks.
“This round of funding will give us a boost to support the demand we are seeing from the underwriting community to fix inefficiencies and drive better expense and loss ratio results,” he said.