Digital insurance platform Planck Re has collected $12m in its first round of funding.
The round was led by Arbor Ventures, while participation also came from Viola FinTech and Eight Roads.
Founded in 2016, the company offers a commercial insurance data platform, powered by AI technology. The solution streamlines commercial underwriting by corelating small and medium businesses’ digital footprint to enable insurers to better judge risk.
Its technology automatically creates customer profiles by data mining, its AI and machine learning technology then builds insights and analytics around the companies. Any changes to the business or profile are automatically updated and is able to crunch historical client data. The company will initially focus on the US market.
Viola FinTech general partner Tomer Michaeli said, “We’re proud to have Planck Re as our first investment in the fund and to be a partner in their journey as they navigate in the complex task of cooperation with large financial institutions.
“We both share the vision of bridging the gap between insurance world and the start-up ecosystem and believe their solution would be transformational for the insurance industry”
Late last year, Viola held the $100m final close for its debut FinTech-focused fund, and to manage the new vehicle it launched a new unit, Viola FinTech. Israel-based Viola FinTech is looking to back global FinTech companies, alongside other venture investors.
In an interview with FinTech Global Tomer Michaeli, who leads Viola FinTech, said that the convergence between FinTechs and Financial institutions is slow, but more value-add investors can help.
The main issue is with the industry is the idea FinTechs will replace the current ecosystem, but Micaeli believes this is not going to happen and instead they will come together. This is because the current environment was build on ‘strong and sound principles’ and this should not disappear.
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