(Image source: Planck homepage.)
Planck, a provider of an AI-powered data and analytics platform, has announced that it recently closed a $23 million funding round to continue its stated mission of empowering commercial insurers with real-time and accurate insights. The financing, which Planck reports brings the company’s total to $71 million, was led by Vintage Investment Partners (Tel Aviv) and all existing financial investors, including Team8, Greenfield, Arbor Ventures, Viola, 3L Capital, HDI and Nationwide, along with 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,” comments Gary Gregg, former EVP of Liberty Mutual Group, advisor and investor in Planck’s latest round. “Insurer partners will reap the benefits from these insights to greatly improve their customer experience, operations, and bottom line.”
Bolstering Development of Additional Products
Planck says the financial backing allows it 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 of new solutions, including an 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 uncertainty is a strong indicator of the platform’s value and necessity,” comments Elad Tsur, founder CEO, Planck. 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.”