Planck raises $16 million
Planck is announcing a series B funding of $16 million, which brings its total funding to date to $28 million. The round was led by Team8 Capital, with participation from all existing investors – Viola FinTech, Arbor Ventures, Eight Roads – alongside new strategic investor additions of Nationwide and Hannover Digital Investments.
Founded in 2016, Planck streamlines the commercial producing processes, providing real-time data insights for the entire small-and-medium business segments across the US. The company’s technology has “proven its ability to systematically over-perform existing insurance books accuracy and data completeness rates” for major business segments and insurance lines, including restaurants and bars, construction, beauty salons, staffing, and manufacturing, as well as insurance lines such as workers compensation, general liability, employment practices liability, business owner policy and more.
Planck has been working with a “large number” of commercial insurance companies in the US, including Chubb, Great American Insurance Group’s Republic Indemnity, Attune and others. With the new funding the company plans to expand into additional geographies, starting with Germany in 2021.
The company is led by Elad Tsur, Amir Cohen, and David Schapiro. Prior to founding Planck, Elad and Amir founded Bluetail, which was acquired by Salesforce, where they continued to lead the architecture of the AI platform, rebranded as Salesforce Einstein. And David has led banking and insurance software Earnix for a decade.
“Identifying the actual risk factors is the core of insurance. During times of rapid changes, real-time data has become more crucial than ever before. We are thankful for the ongoing support and trust demonstrated by our customers, existing and new investors in this round. We are grateful for the opportunity to help our customers understand the changes in their books and business which occurred in the last couple of months, due to the Covid-19 breakout. Planck will continue its role in being a catalyst to the digital transformation initiatives on all fronts, so commercial insurers can reduce the time and resources invested in the submission, underwriting, audit and renewal processes, incorporate new indicative markers to their models, and overall achieve a dramatic increase in data accuracy and completeness, all which yields better business results.” – Elad Tsur, cofounder and CEO of Planck.
“After assessing several companies in the marketplace, we quickly determined Planck provides faster and more consistent data for commercial insurers like Nationwide. We are impressed with this founding team’s experience building and scaling companies across both AI and insurtech and are looking forward to supporting their growth.” – Erik Ross, Head of Venture Capital and Mergers & Acquisitions at Nationwide.
“We were very impressed by the depth of Planck’s technology stack and its ability to highlight all related risk factors of a business in real-time. I’m very much looking forward to working with such an experienced, proven leadership team to drive this transformational technology across the commercial insurance sector.” – Sarit Firon, Managing Partner at Team8 Capital.
