AI Data and Analytics platform Planck secured $23 Million in funding

Planck, an Israel-based provider of an Artificial Intelligence powered data and analytics platform for commercial insurance, has now secured $23 million in a funding round.

Planck was founded by Elad Tsur. It provides a platform that enables insurers to drive service and underwriting excellence by connecting the most up-to-date insights with just a business name and address.

Some of the global carriers, insuretechs, and MGA’s leverage Planck’s holistic solution for growth strategies; submission prefiling; underwriting new business; prioritization and validation; premium auditing; renewing existing policies, and more.

The company has around 100 employees across the globe.

CEO and founder Elad Tsur said,  "Our record acceleration and the confidence of investors during this economic downturn is a strong indicator of the platform's value and necessity. We are energized to continue our journey of bringing the most advanced AI-powered insights to the financial services industry across the globe and excited to achieve the vision we are forging alongside our customers, investors, and employees."

Amit Frenkel, General Partner at Vintage Investment Partners, said, "This round is a testament to the consistent execution of the Planck team, the trust they’ve gained from their customers, and strong endorsement of its shareholders. Pioneering a leading solution that keeps up with dynamic market demands, coupled with its customer-centric mentality, sets Planck apart from others. Planck’s deep domain knowledge and technical skillset enable Planck’s customers to digitally transform their traditional business models to maintain their competitive edge."

The funding round was backed by Vintage Investment Partners, with participation from Greenfield, Team8, Arbor Ventures, 3L Capital, Viola, HDI, and Nationwide, alongside the private angel investors.

The AI startup, as of now, has plans to use the new funds to bolster the development of additional products that complement the platform, along with the continued geographic expansion.