Startup Planck Re receives investment
Insurtech startup Planck Re, based in Tel Aviv, Israel and New York, US, has announced that it has received US$12 million in Series A funding.
The company aims to use artificial intelligence to simplify the underwriting process. Its AI-powered platform aggregates a variety of publicly available data from small to mid-sized businesses that are looking for insurance coverage – including images, videos and social media profiles – and aggregates this data for carriers, providing them with information on the potential risk to their businesses.
Arbor Ventures, based in Israel, led the investment round, which was Planck Re’s first. Viola Fintech and Eight Roads also invested.
“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.”
“In a digitalised 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.