Planck Overview
Planck is a commercial insurance data platform that enables insurers to instantly and accurately underwrite any business. The companys technology platform aggregates and mines massive data sets, using artificial intelligence to automatically generate and deliver key insights customized to the commercial underwriting process. The end result is a frictionless underwriting process with greater insurer visibility into risk factors, leading to improved new business conversion and retention rates and lower loss ratios.
Cumulative Funding Raised Over Time ($)
$12.0MJul 2018
$28.0MJun 2020
$48.0MMay 2021
$71.0MSep 2022
Latest News
growth-positive
Applied Systems buys Israeli AI insurtech co Planck
US software company Applied Systems is acquiring Israeli AI insurtech firm Planck for an estimated $200 to $500 million. Plancks AI-based platform gathers open-source business data for commercial insurance companies worldwide, helping to assess risk levels, promote underwriting processes, and increase premiums while reducing costs. The acquisition marks Applied Systems first investment in the Israeli market. All of Plancks employees will join Applied Systems, with the founders joining the management team. A local development center will be set up to further develop Plancks AI product and build other AI-based products for Applied Systems.
Acquisition
Planck Launches the First GenAI-Enhanced Underwriting Workbench
growth-positive
Planck Raises $71M to Date to Expand its First-to-Market Cognitive Business Analytics Platform
Planck, an AI-powered data and analytics platform for commercial insurers, has closed a $23 million funding round led by Vintage Investment Partners. The funding brings the companys total to $71 million and will be used to continue developing products that complement the platform and expand geographically. Plancks solutions, such as its underwriting risk search engine and Prospect Intelligence, have already benefited top commercial insurance carriers in the US, Europe, and Japan. The funding round demonstrates the value and necessity of Plancks platform, which provides real-time and accurate insights to insurers, enabling them to improve their customer experience, operations, and bottom line.
Investment
growth-positive
Israel's Planck partners with Japanese insurance company Sompo
Planck, an Israel-based insurtech company, has entered a collaboration with Sompo, Japans second-largest insurance company. Planck will help Sompo automate commercial insurance underwriting for its 30 million customers using its AI-based solution. The collaboration marks Plancks entrance into the Japanese market. The partnership is expected to improve quote to submission time and increase accuracy by reducing manual efforts. Plancks platform gathers publicly available data about businesses, applies machine learning, and helps assess risk levels. Sompo will be the first company in Japan to leverage the platform, estimated to save them $140 million in annual operational expenses. The collaboration was led by Sompos digital lab in Tel Aviv, which has been investing in Israeli startups and has so far invested $20 million.
Partners
growth-positive
Israel's Planck Raises $20M For Its AI-Based Data Platform
Israeli AI-based data platform for commercial insurance, Planck, has raised an additional $20 million in funding. The new investors include 3L Capital and Greenfield Partners, along with existing investors. This brings the total amount raised by Planck to $48 million. The funding will be used to build a US team and expand globally to EMEA, APAC, and the UK. Plancks platform uses AI to generate risk-related insights for insurers using various data sources. The company provides insurance-related data insights and analytics for over 50 business segments and multiple insurance lines. The expansion aims to target regions open to digital innovation.
InvestmentExpand
| Sector | Fintech & Insurtech |
Funding
| Total funding | $71M |
| Last funding | $23M |
| Stage | Acquired |
| Rounds | 4 |
| Investors | 10 |
Team Members
4
Employees: 51-200
Web & Social Links
| Website | www.planckdata.com |
| Careers | Careers page |
Locations
Arania Osvaldo St 29, Tel Aviv-Yafo, Israel
Haifa, Israel
340 Madison Ave, New York, New York, NY 10173, USA
Photos & Videos
No files yet
Planck Business
Business models
B2B
Product stage
Released
Employees
51-200
Sector
Fintech & InsurtechInsurtechTarget Customer
Financial ServicesFinancial ProductsInsuranceEnterprise & Professional ServicesEnterprisesCore Technology
Platforms & InterfacesWebArtificial IntelligenceDeep LearningNatural Language ProcessingTags (13)
gamificationartificial-intelligenceunderwritingnatural-language-processinginsurance-companiesenterprise-solutionsmachine-learningautomationbig-datadata-mininginsurtechfintechdeep-learningGeographic Markets
JapanAsiaNorth AmericaEuropePlanck Financials
$71M
Total funding
Undisclosed
Capital raised
$23M
Last funding
Acquired
Funding stage
4
Total rounds
10
Investors
Cumulative Funding Raised Over Time ($)
$12.0MJul 2018
$28.0MJun 2020
$48.0MMay 2021
$71.0MSep 2022
Private Equity Funding
B Round
Sep 2022
$23M
Vintage Investment Partners (Lead)
,
Viola Fintech, HDI Group, Nationwide, Harbor Pacific Capital, 3L, Team8, Greenfield Partners
B Round
May 2021
$20M
3L (Lead)
,
Arbor Ventures, Viola Fintech, Eight Roads Ventures, Team8, Greenfield Partners
B Round
Jun 2020
$16M
Team8 (Lead)
,
Viola Fintech, Arbor Ventures, Eight Roads Ventures
A Round
Jul 2018
$12M
Eight Roads Ventures, Viola Fintech, Arbor Ventures
Public Offering / Exit
MNAEvent
Jul 2024
$350M
Planck Lifecycle
Cumulative Funding Raised Over Time
$12.0MJul 2018
$28.0MJun 2020
$48.0MMay 2021
$71.0MSep 2022
All Events
B Round
Sep 2022
$23M
Vintage Investment Partners (Lead)
,
Viola Fintech, HDI Group, Nationwide, Harbor Pacific Capital, 3L, Team8, Greenfield Partners
B Round
May 2021
$20M
3L (Lead)
,
Arbor Ventures, Viola Fintech, Eight Roads Ventures, Team8, Greenfield Partners
B Round
Jun 2020
$16M
Team8 (Lead)
,
Viola Fintech, Arbor Ventures, Eight Roads Ventures
A Round
Jul 2018
$12M
Eight Roads Ventures, Viola Fintech, Arbor Ventures
MNAEvent
Jul 2024
$350M
Planck News
11 articles
growth-positive
Applied Systems buys Israeli AI insurtech co Planck
US software company Applied Systems is acquiring Israeli AI insurtech firm Planck for an estimated $200 to $500 million. Plancks AI-based platform gathers open-source business data for commercial insurance companies worldwide, helping to assess risk levels, promote underwriting processes, and increase premiums while reducing costs. The acquisition marks Applied Systems first investment in the Israeli market. All of Plancks employees will join Applied Systems, with the founders joining the management team. A local development center will be set up to further develop Plancks AI product and build other AI-based products for Applied Systems.
Acquisition
Planck Launches the First GenAI-Enhanced Underwriting Workbench
growth-positive
Planck Raises $71M to Date to Expand its First-to-Market Cognitive Business Analytics Platform
Planck, an AI-powered data and analytics platform for commercial insurers, has closed a $23 million funding round led by Vintage Investment Partners. The funding brings the companys total to $71 million and will be used to continue developing products that complement the platform and expand geographically. Plancks solutions, such as its underwriting risk search engine and Prospect Intelligence, have already benefited top commercial insurance carriers in the US, Europe, and Japan. The funding round demonstrates the value and necessity of Plancks platform, which provides real-time and accurate insights to insurers, enabling them to improve their customer experience, operations, and bottom line.
Investment
growth-positive
Israel's Planck partners with Japanese insurance company Sompo
Planck, an Israel-based insurtech company, has entered a collaboration with Sompo, Japans second-largest insurance company. Planck will help Sompo automate commercial insurance underwriting for its 30 million customers using its AI-based solution. The collaboration marks Plancks entrance into the Japanese market. The partnership is expected to improve quote to submission time and increase accuracy by reducing manual efforts. Plancks platform gathers publicly available data about businesses, applies machine learning, and helps assess risk levels. Sompo will be the first company in Japan to leverage the platform, estimated to save them $140 million in annual operational expenses. The collaboration was led by Sompos digital lab in Tel Aviv, which has been investing in Israeli startups and has so far invested $20 million.
Partners
growth-positive
Israel's Planck Raises $20M For Its AI-Based Data Platform
Israeli AI-based data platform for commercial insurance, Planck, has raised an additional $20 million in funding. The new investors include 3L Capital and Greenfield Partners, along with existing investors. This brings the total amount raised by Planck to $48 million. The funding will be used to build a US team and expand globally to EMEA, APAC, and the UK. Plancks platform uses AI to generate risk-related insights for insurers using various data sources. The company provides insurance-related data insights and analytics for over 50 business segments and multiple insurance lines. The expansion aims to target regions open to digital innovation.
InvestmentExpand
growth-positive
Insurance data analytics platform Planck raises $16 million Series B
Planck, an AI-based data platform for insurance underwriting, has raised $16 million in a Series B funding round led by Team8 Capital. The funding will be used for global expansion, starting with Germany. Planck provides large insurance companies with data analytics and works with dozens of commercial insurance companies in the U.S. Its platform helps insurance providers handle increased inquiries during the COVID-19 pandemic. The company draws on various sources to generate risk-related insights for businesses. Plancks AI platform is language agnostic, allowing for global expansion.
InvestmentPartners
growth-positive
Republic Indemnity Integrates Planck Technology to Gain Real-Time Data Insights in its Workers' Compensation Insurance Operations
Republic Indemnity, a workers compensation insurance company, has announced a successful production pilot with Planck, an AI-based data platform for commercial insurance. The pilot aims to test the impact of real-time data insights on reducing submission-to-quote time and increasing underwriting efficiency. Republic Indemnity is focused on developing innovative solutions and building stronger relationships with its agents and brokers. The partnership with Planck allows Republic Indemnity to provide added value and tools to improve business efficiency for its brokers. The pilot is part of Republic Indemnitys efforts to expedite the underwriting process and increase accuracy. Plancks data platform collects relevant data about a business and provides accurate underwriting insights. Republic Indemnitys relationship with Planck is aimed at improving small business risk underwriting and developing solutions that better serve agents, brokers, and customers.
PartnersCustomers
growth-positive
Berkshire Hathaway GUARD Insurance Companies Partners With Planck, an Artificial Intelligence Powered Data Platform, to Create Full Digital Underwriting for Their Commercial Lines
Berkshire Hathaway GUARD Insurance Companies has announced a new partnership with Planck, an AI-driven data platform for commercial insurance. This partnership will allow GUARD to expedite its digital underwriting initiatives for its small and medium business segment. The insights provided by Plancks AI will enable GUARDs underwriters to focus on quoting and underwriting the right risks, resulting in faster and more accurate quotes. The partnership is part of GUARDs continuous growth strategy and their vision for the value of dynamic, intelligent data platforms. The date of the event described in the article is March 7, 2019.
Partners
growth-positive
AIG's Leandro DalleMule joins InsurTech start-up Planck Resolution - Reinsurance News
Planck Resolution, an AI-based InsurTech start-up, has appointed Leandro DalleMule as General Manager for North America. DalleMule joins from AIG, where he served as Chief Data Officer. Planck Re aims to streamline underwriting in the commercial insurance industry using AI and data insights. The company previously raised $12 million in a funding round led by Arbor Ventures, Viola FinTech, and Eight Roads.
Management Changes
growth-positive
Planck Re lands $12 million to bring AI to the commercial insurance market
Planck Re, a commercial insurance data company, has raised $12 million in its first funding round. The funding will be used to expand the companys product line and teams in Israel and North America. Planck Re uses an AI-powered data platform to streamline the commercial underwriting process and provide insurers with accurate insights. The platform aggregates data from various sources to create a comprehensive understanding of customer risk. Planck Re will initially focus on the U.S. commercial insurance market.
InvestmentExpand
growth-positive
Planck Re Launches AI-powered Platform for Insurers to Onboard New Businesses and Streamline Renewals With a Single Click of a Button
Planck Re has announced a new solution for the restaurant, tavern, and bar industry that utilizes its AI-powered data platform to streamline underwriting and digitize onboarding for new businesses. The platform auto-fills ACORD forms and analyzes additional data points to improve underwriting accuracy. It also eliminates the need for inspectors and adjusters by monitoring businesses before and after onboarding. The solution aims to optimize insurers abilities to onboard new customers, renew existing ones, and improve the claims process. Planck Re was founded in 2015 and uses AI, big data, and image processing to develop its data platform for commercial insurance.
CustomersExpand
Planck Team
Employee Info
| Employees (range) | 51-200 |
| Exact count | 69 |
| Team members | 4 |
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Planck Internal
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Admin Info
| Confidence | 99/100 |
| Missing | video or image, markets |
| BI Verification | Yanina Wainscheinker |
| Registrar ID | 515335388 |
| Crunchbase | planck-re |
| Creator | Jenny Sotnik-Talisman |
| Creator email | genys30@yahoo.com |
| Last updater | Jenny Sotnik-Talisman |
| Updater email | jenny.sotnik@sncentral.org |
| Last update | 2022-11-13T00:00:00.000Z |
| Created | 2017-09-25T00:00:00.000Z |
| Status detail | Acquired by Applied Systems on Jul, 2024 |