DataCubes has closed a $15.2 million funding round led by Palm Drive Capital. Based in Schaumburg, the company uses machine learning and artificial intelligence to analyze a broad array of information sources, including semi-structured insurance submissions and over four billion objects in its data lake. Using these capabilities, DataCubes' d3 Underwriting™ software platform seeks to empower commercial insurers to optimize their underwriting workflow processes for SMB and middle market risks in all standard commercial and specialty lines of business.

This latest round of funding will support DataCubes' investment in research and development, as well as help expand the team, adding 50 new employees in 2020, to further support its growing clientele of commercial insurers.

The Series B funding round, which was led by Palm Drive Capital, included participation from Altos Ventures, NFP Ventures, Stage 2 Capital, MPK Equity Partners and existing investors including Seyen Capital and MK Capital. In total, DataCubes has raised nearly $18 million in less than three years.