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
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.
Planck co-founders Elad Tsur (from left), Amir Cohen, and David Schapiro. Photo: Courtesy
Planck provides insurance-related data insights and analytics for more than 50 major business segments, including restaurants, construction, retail and manufacturing, and multiple insurance lines, including workers compensation, errors and omissions, and general liability.
Planck employs 65 people, 55 of them in Tel Aviv and the rest in its New York offices. It currently works with dozens of commercial insurance companies in the U.S., and among them are more than half of the top-30 insurers.
“We’re focused on executing against a robust roadmap of new products and services that represent a broad approach to addressing commercial insurers’ needs across the insurance continuum,” said Planck CEO Elad Tsur.
According to Yuda Duron, Partner at Greenfield Partners: “By tapping into the vast array of available, digitized information on small and medium-sized businesses, carriers working with Planck have an unprecedented ability to know their customers and have seen significant improvements in loss and expense ratios. They’ve seen that their underwriting models perform when leveraging accurate risk insights.”