Planck, an Israel-based creator of intelligent underwriting technology, raised $16m in series B funding yesterday from investors including financial services provider Nationwide and insurance firm HDI Group.
Cybersecurity company builder Team8 led the round, which also featured investment and financial services group Fidelity’s Eight Roads subsidiary, Arbor Ventures and Viola Fintech, while Nationwide took part through subsidiary Nationwide Ventures.
Founded in 2016, Planck has developed software that uses artificial intelligence to underwrite commercial insurance policies, aggregating and analysing large quantities of data in order to generate insights into business clients.
Arbor Ventures had previously led the company’s $12m series A round in July 2018, participating together with Eight Roads and Viola FinTech.
