Planck, a New York-based 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 round was led by Vintage Investment Partners and joined by all existing financial investors, including Team8, Greenfield, Arbor Ventures, Viola, 3L Capital, HDI, and Nationwide, as well as private angel investors, bringing the company's total funding to $71 million.
The funding enables Planck to act quickly on opportunities that arise in today's changing market, and it will specifically support the development of additional products that complement the platform, as well as continued geographic expansion.
Planck has recently launched solutions such as its underwriting risk search engine, which addresses the shortcomings of traditional research methods, and Prospect Intelligence, which assists carriers in expanding into new markets, lowering customer acquisition costs, and driving growth.
"Our record acceleration and the confidence of investors during this economic uncertainty 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 thankful for the ongoing trust of our customers and partner community."
Company: Planck Resolution, Ltd.
Funding Month: (Closed in May 2022)
Lead Investors: Vintage Investment Partners
Additional Investors: Team8, Greenfield, Arbor Ventures, Viola, 3L Capital, HDI, and Nationwide
Company Website: https://planckdata.com/
Software Category: Commercial Insurance Data and Analytics Platform
About the Company: 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 premiums while reducing loss and expense ratios.