Planck

Company Overview

Snapshot

Founded in November 2015 by Elad Tsur, Amir Cohen, and David Schapiro, Planck operates with 51–200 employees. The company has raised a total of $71 million across 4 funding rounds from 10 investors, with Vintage Investment Partners leading a round in September 2022. Planck was acquired by Applied Systems in July 2024.

Business overview

Planck provides an AI-based data platform designed for the commercial insurance industry. Its core technology aggregates and mines extensive datasets, leveraging artificial intelligence to generate and deliver key insights tailored for the commercial underwriting process. This platform aims to create a frictionless underwriting experience, offering insurers enhanced visibility into risk factors, which leads to improved new business conversion, better retention rates, and reduced loss ratios. The company operates within the Fintech & Insurtech sectors, serving markets across North America, Europe, and Japan.

Strategic signal

In July 2024, Planck was acquired by US software company Applied Systems. This acquisition, estimated between $200 million and $500 million, marks Applied Systems' first investment in the Israeli market and signals a strategic move to integrate advanced AI capabilities into commercial insurance software. The deal is expected to accelerate the development of Planck's AI product and establish a local development center, indicating strong growth potential and strategic validation for Planck's technology within the broader insurance tech landscape.

Company Intelligence Q&A

What was the most significant corporate milestone for Planck recently?

In July 2024, Planck was acquired by Applied Systems. This acquisition was estimated to be between $200 million and $500 million, marking a major exit for the company.

What was Planck's last disclosed funding round?

In September 2022, Planck closed a funding round led by Vintage Investment Partners. This round contributed to the company's total capital raised of $71 million.

What product did Planck launch in September 2023?

In September 2023, Planck launched the first GenAI-Enhanced Underwriting Workbench, aiming to advance underwriting capabilities with generative AI technology.

Did Planck form any notable partnerships in 2021?

In September 2021, Planck partnered with Sompo, Japan's second-largest insurance company. This collaboration aimed to automate commercial insurance underwriting for Sompo's 30 million customers using Planck's AI-based solution, marking Planck's entry into the Japanese market.

What was the strategic focus of Planck's May 2021 funding?

In May 2021, Planck secured additional funding, with 3L Capital and Greenfield Partners among the investors. This capital was allocated to build a US team and expand globally into EMEA, APAC, and the UK, targeting regions open to digital innovation in commercial insurance.