New York – Planck announces series B funding of $16M, bringing the total investment amount to $28M. Planck enables commercial insurers to increase written premiums while reducing expense and loss ratios. The round was led by Team8 Capital, with participation from all existing investors (Viola FinTech, Arbor Ventures, Eight Roads) alongside new strategic investor additions Nationwide and HDI Group. Planck’s customer base in the US is growing rapidly, and the new round will enable the company to expand its customer base even faster, and to support its global expansion and innovative product roadmap.
Founded in 2016, Planck is transforming the commercial insurance data space by providing an artificial intelligence (AI) driven data platform. Leveraging deep industry expertise and breakthrough data science, Planck streamlines commercial underwriting processes, providing real-time data insights for all small and medium business segments across the US.
Planck’s technology has proven its ability to systematically outperform existing insurance books’ accuracy and data completeness rates for many lines of business such as workers compensation, general liability, employment practices liability, commercial property and professional liability, in over 50 major business segments such as Hospitality, Restaurants and bars, Construction, Retail, Staffing, Manufacturing, and many others.
Planck has been working with a large number of commercial insurance companies in the United States, including top US carriers such as Chubb, Great American Insurance Group’s Republic Indemnity, AIG’s Attune and dozens others. With the new funding, the company plans to further expedite the expansion within the US market, as well as into additional geographies, starting with Germany in 2021.
This funding round was raised during times of uncertainty in which up-to-date and relevant data insights are more important than ever. Real-time data supports digitization processes, increases underwriting efficiency, and helps carriers better assess the rapid changes in their books and corresponding implications.
Elad Tsur, Planck CEO and co-founder, says: “Identifying the actual risk factors is the core of insurance. During times of rapid changes, real-time data is more crucial than ever.”
Tsur continues, “We are thankful for the ongoing support and trust demonstrated by our customers and new and existing investors in this round. We are grateful for the opportunity to help our customers understand the changes in their books and business that have occurred in the last couple of months, due to the COVID-19 breakout. Planck will continue its role as a catalyst for 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 into their models; and above all, achieve a dramatic increase in data accuracy and completeness, all of which yields better business results.”
“After assessing several companies in the marketplace, we quickly determined Planck provides faster and more consistent data for commercial insurers like Nationwide,” said Erik Ross, leader of Nationwide’s venture capital and mergers and acquisitions teams. “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.”
“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,” said Sarit Firon, Managing Partner at Team8 Capital.
Planck provides an AI-based data platform for commercial insurance, working with top US insurance companies and helping them increase premiums while reducing loss and expense ratios. Its mission is to empower commercial insurers by generating insights that streamline the commercial underwriting process, enabling insurers to instantly and accurately underwrite any policy. Planck was founded by a team of serial entrepreneurs with an extensive background in insurance and technology. For more information, visit https://planckdata.com/.
About Team8 Capital
Team8 Capital, the newly launched investment vehicle of Team8, invests in early-stage companies across enterprise technology, data, AI, cybersecurity, and fintech in seed, A, and B rounds. Team8 Capital expands on the Team8 company-building model, integrating its in-house team of company builders with a tight-knit network of C-level industry executives and thought-leaders. Portfolio entrepreneurs benefit from a full range of expertise and resources, including strategy, talent acquisition, and go-to-market, and enjoy access to a strong network of potential clients, future partners, and investors. Team8 Capital is led by Managing Partners Sarit Firon, one of Israel’s leading investors who has helped realize more than $4 billion in exits and IPOs, and Liran Grinberg, who co-founded Team8 and its unique company-building model in 2014. The Team8 group is backed by global companies including Microsoft, Walmart, Cisco, Barclays, and Moody’s, among others. For further information, visit www.team8.vc.
About Arbor Ventures
Arbor Ventures is a visionary VC focused on shaping the way the world transacts by investing in early-stage companies at the intersection of financial services data and digital commerce through partnering with extraordinary founders and accelerating the growth of next-gen fintech, facilitated by unparalleled strategic networks. Its partners bring extensive venture and entrepreneurial knowledge together with established strategic networks, creating a unique platform to recruit world-class board members, advisors and investors from across the globe, ensuring collaboration with the right strategic partners.
About Viola FinTech
Viola FinTech is a cross-stage venture fund that invests in global fintech companies alongside leading venture investors. It bridges the gap between the worlds of financial institutions and innovative startups. The fund brings together financial institutions and innovative startups to accelerate the modernization and digitization of financial institutions and support the growth of fintech companies.
About Eight Roads
Eight Roads Ventures is a global venture capital firm, backed by Fidelity. Eight Roads has $6bn AUM, 250 portfolio companies and over 50 years of venture investing experience including partnerships with companies such as Alibaba, Akulaku, AppsFlyer, Kensho, FutureAdvisor, HuiFu Payments, Icertis, Owkin, Paidy, Pony.ai, Toast, Ultragenyx, WuXi AppTec. For more information, visit www.eightroads.com
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by both A.M. Best and Standard & Poor’s. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; excess & surplus, specialty, and surety; pet, motorcycle, and boat insurance. For more information, visit www.nationwide.com. Follow us on Facebook and Twitter.
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About HDI Group
HDI is a major European insurance group. It has a rich tradition stretching back about 120 years. HDI is part of the Talanx Group, which generated premium income of EUR 39.5 billion in 2019 and had roughly 23,000 employees worldwide. The HDI group is active in the areas of industrial insurance and retail insurance in both Germany and abroad. You can find additional information by going to www.talanx.com.