Planck Re, a start-up based in both Tel Aviv and New York, has raised US$12 million in Series A funding.
The funding round – Planck Re’s first – was led by Arbor Ventures in Israel; other investors included Viola Fintech and Eight Roads.
“The funds will be used to expand our product line to more SME segments, such as retail, services, contractors, IT, and manufacturers,” Planck Re CEO Elad Tsur told VentureBeat. “We plan to expand our research and development team in Israel and sales team in North America.”
Planck Re aims to simplify the commercial insurance underwriting process by leveraging artificial intelligence. The company uses an AI-powered platform that aggregates publicly-available data on small and mid-sized businesses looking for insurance coverage – such data includes images, text, videos, social media profiles and public records. That data is then analyzed by the platform, providing carriers information on the potential risk of their customers.
“In a digitalized society, where public data is accessible, expanding the data points’ coverage and accuracy automatically is imperative for the insurance industry,” commented Arbor Ventures VP of Israel Lior Simon.
In addition to building accurate risk profiles of clients (the company has claimed that its platform has a 90% accuracy rate), Planck Re also helps carriers by continuously monitoring insureds, ensuring that the portfolio is up-to-date and allowing for automated renewals.