Planck Raises $71M to Date to Expand its First-to-Market Cognitive Business Analytics Platform
- Fundraising News
- 15.09.2022 10:40 am
Planck, a 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 financing, which brings the company’s total to $71 million, was led by Vintage Investment Partners and all existing financial investors, including Team8, Greenfield, Arbor Ventures, Viola, 3L Capital, HDI and Nationwide, alongside 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,” said Gary Gregg, former Executive Vice President 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.”
The financial backing allows Planck to act quickly on opportunities that arise in today's changing market and will specifically bolster the development of additional products that complement the platform, along with continued geographic expansion. Planck recently launched solutions like its underwriting risk search engine, which solves the shortcomings of traditional research methods, and Prospect Intelligence which 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,” 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.”
Among others, six of the top ten commercial insurance carriers in the U.S, as well as top carriers in Europe and Japan are already benefiting from Planck’s offerings