DataCubes, an underwriting platform for US commercial property and casualty insurers, has netted $15.2m in funding.
Palm Drive Capital, a New York-based venture investor, led the round. Contributions also came from Altos Ventures, NFP Ventures, Stage 2, MPK Equity Partners, and existing backers Seyen Capital and MK Capital.
Proceeds from the round will be used to support its research and development and expand its team by a further 50 personnel.
With machine learning and AI technology, DataCubes can analyse an assortment of information sources, including semi-structured insurance submissions and more than four billion objects in its data lake.
Commercial insurers can leverage DataCubes software to improve their underwriting process for SMB and middle market risks.
Clients of DataCubes including The Hanover, Selective Insurance, RLI, Columbia Insurance Group, Penn National Insurance, Tangram, WCF Insurance and Synergy Coverage Solutions.
DataCubes CEO and co-founder Kuldeep Malik said, “The old way of underwriting risks is a drain on both a carrier’s resources and the customer experience it is able to provide.
“This round of funding will give us a boost to support the demand we are seeing from the underwriting community to fix inefficiencies and drive better expense and loss ratio results.”
As part of the deal Palm Drive Capital partner Nick Hsu will join the company board of directors.
DataCubes inked a deal with P&C mutual insurance company Penn National Insurance earlier in the month to support its underwriting speed and efficiency.
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