Planck Re Raises $12M

Planck Re, the Tel Aviv-based startup that’s on a mission to simplify commercial insurance underwriting has raised $12m in a Series A round, led by Arbor ventures with participation from Viola FinTech and Eight Roads.

Founded in 2016 by Elad Tsur, David Schapiro and Amir Cohen, the company offers an AI-driven data platform that combines data sources with data science. The platform mines publicly available data online from sources such as social media and public records to create an accurate view of parameters that could affect insurance. The platform then keeps monitoring the data to keep the portfolio up-to-date.

“Buying insurance in 2018 still involves endless questions filled by humans. In addition to it being a time-consuming and labor-intensive process, it’s also prone to errors. Emerging from two years of research and development, we resolved this by leveraging AI and Big Data technologies to provide answers to all required underwriting questions, with name and address being the only manual inputs.” – Cofounder and CEO of Planck Re, Elad Tsur.

Bottom Line: DataCubes comes to mind.