Planck has attracted $20 million in additional venture capital cash. The InsurTech startup – centered around an AI-based data platform for commercial insurance – plans to use the investment to expand into Europe, the U.K. and the Asia/Pacific region, and to build out its U.S. team.
“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,” Planck CEO, Elad Tsur.
The company explained it is targeting expansion globally in regions open to digital innovation, and where its language agnostic AI platform can be easily used.
New investors 3L Capital and Greenfield Partners took part in the new round, along with existing investors Team8, Viola Fintech, Arbor Ventures and Eight Roads.
Nationwide is also an investor, and the insurer joined the company’s previous, $16 million Series B venture financing round in June 2020.
To date, Planck has raised $48 million overall, including the new round.
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. The company asserts that this holistic approach to d developing insights provides an accurate view of key insurance influencing parameters. Carriers, MGAs and brokers are the target customers for Planck’s platform, which is used for underwriting new and renewing policies, instant quoting, lead generation, and claims.
Planck said it also 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 & omissions, and general liability.
The company claims to have dozens of commercial insurance company customers in the U.S., with many ranking as top 30 insurers.
Along with the new round, Ernie Feirer is joining Planck as Head of U.S. Business. Feirer will oversee all of Planck’s U.S.-based sales, marketing and business development initiatives. Before 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.
Planck launched in 2017 and has offices in Los Angeles and New York City.