Israeli AI-based data platform for commercial insurance developer Planck has raised $20 million from new investors 3L Capital and Greenfield Partners and existing investors which include Team8, Viola Fintech, Arbor Ventures and Eight Roads. This brings to $48 million the total amount raised by Planck.
Planck provides insurance-related data insights and analytics for more than 50 major business segments, including restaurants, construction, retail and manufacturing, and multiple insurance lines, including workers compensation, errors and omissions, and general liability.
Planck was founded in 2016 by David Schapiro, CEO Elad Tsur and VP R&D Amir Cohen. Tsur said, "We’re focused on executing against a robust roadmap of new products and services that represent a broad approach to addressing commercial insurers’ needs across the insurance continuum."
Planck works with dozens of commercial insurance companies in the US, and among them are more than half of the top-30 insurers. The new funding will be used to expand the company's US team and for global expansion to EMEA, APAC, and the UK. Planck is targeting expansion to global regions that are open to digital innovation and where the capabilities of its language agnostic AI platform can be easily deployed.
Published by Globes, Israel business news - en.globes.co.il - on May 12, 2021
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