Ex-Salesforce execs raise an additional $20 million for insurtech startup Planck
The Israeli company provides an AI-based data platform for commercial insurance and works with top U.S. insurance companies to increase premiums while reducing loss and expense ratios
Meir Orbach | 17:00 12.05.2021
Insurtech company Planck announced on Wednesday that it has raised an additional round of $20 million, led by new investors 3L Capital and Greenfield Partners and with participation by the company’s existing investors which include Team8, Viola Fintech, Arbor Ventures, and Eight Roads. The new round, which takes Planck's total funding to $48 million, is earmarked to build out a U.S. team and for global expansion to EMEA, APAC, and the UK. Planck was founded in 2016 by CEO Elad Tsur, Amir Cohen, and David Schapiro, three tech and insurance sector veterans. Tsur and Cohen previously co-founded data-mining startup BlueTail Ltd., sold to Salesforce.com Inc. in 2012. Schapiro is the former CEO of customer analytics software developer Earnix Ltd. Planck provides an AI-based data platform for commercial insurance and works with top U.S. insurance companies to increase premiums while reducing loss and expense ratios. The company draws on a wide range of sources for data, including online images, text, videos, reviews, and public records, to generate risk-related insights for business using just a name and address. Carriers, MGAs, and brokers leverage Planck’s platform for underwriting new and renewing policies, instant quoting, lead generation, and claims.