About
Planck provides AI-powered instant data for commercial underwriting. Acquired by Applied Systems for $300M (July 2024). Raised $73M from Team8, Viola Fintech, Arbor, Eight Roads. Customers: AIG, Chubb, Allianz, Sompo. Planck PLUS uses GenAI to generate all underwriting insights from just business name and address in seconds. 80 employees in NYC/Tel Aviv. Founded 2016 by Elad Tsur.
Key Facts
- [1]Funding: Total funding: $73M. Last round: Jul 2024. Stage: Growth.
- [2]Employees: Employee count: 51-200.
- [3]Acquisition: Acquired by Applied Systems.
- [4]Company Type: Acquired company.
- [5]Website: Official website: planckdata.com.
- [6]AI Technology: Core AI/ML technologies: Data Platform.
- [7]Region: Region: Americas (United States).
Founders
Elad Tsur
Co-founder & CEO
Amir Cohen
Co-founder & CTO
David Schapiro
Co-founder & COO
AI Technology
Data Platform
Data aggregation and enrichment platforms with minimal ML
Details
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Frequently Asked Questions
What is Planck (Applied)?
Planck provides AI-powered instant data for commercial underwriting. Acquired by Applied Systems for $300M (July 2024). Raised $73M from Team8, Viola Fintech, Arbor, Eight Roads. Customers: AIG, Chubb, Allianz, Sompo. Planck PLUS uses GenAI to generate all underwriting insights from just business name and address in seconds. 80 employees in NYC/Tel Aviv. Founded 2016 by Elad Tsur. Planck (Applied) is classified in the Insurance segment at the Data layer of the financial AI stack.
Who founded Planck (Applied)?
Planck (Applied) was founded by Elad Tsur (Co-founder & CEO), Amir Cohen (Co-founder & CTO), and David Schapiro (Co-founder & COO). The company was acquired by Applied Systems.
How much funding has Planck (Applied) raised?
Planck (Applied) has raised $73M in total funding, placing the company at the Growth stage. The most recent round closed in Jul 2024. Among 45 funded Insurance companies, Planck (Applied) ranks #37 by total capital raised. (Source: AIFI Map directory.)
What AI technology does Planck (Applied) use?
Planck (Applied) primarily leverages Data Platform technology. Data aggregation and enrichment platforms with minimal ML. Within the Insurance segment, 5 companies use this technology.
What market segment does Planck (Applied) operate in?
Planck (Applied) operates in the Insurance market segment. AI insurance companies are modernizing one of the oldest financial sectors, applying machine learning to underwriting, claims processing, actuarial modeling, and risk assessment across property, casualty, health, and life insurance lines.
Where is Planck (Applied) headquartered?
Planck (Applied) is headquartered in New York, United States. The company operates in the Americas region. The team consists of 51-200 employees. United States is home to 324 financial AI companies tracked by AIFI Map.
Who are Planck (Applied)'s competitors?
Companies similar to Planck (Applied) in the Insurance space include Ocrolus ($142M raised), Tegus ($112M raised), Lemonade ($480M raised), Shift Technology ($320M raised), Akur8 ($160M raised). These companies operate in related areas of financial AI: Ocrolus focuses on ai document automation for lending decisions. Tegus focuses on ai-generated investment research summaries. Lemonade focuses on ai-native insurance company. (Based on AIFI Map classification data.)
What products does Planck (Applied) offer?
Planck (Applied) builds data-layer solutions for the financial services industry. The company's core offering: AI instant data for commercial underwriting. The platform is powered by Data Platform technology.
Is Planck (Applied) publicly traded?
Planck (Applied) is no longer independently traded. The company was acquired by Applied Systems. Prior to the acquisition, Planck (Applied) had raised $73M in venture funding.