Nationwide recently made a venture capital investment in Planck, which has created an artificial intelligence-driven data platform for commercial insurance. The funding comes from Nationwide’s $100 million venture capital investment fund.
The New York City-based startup raised $16 million in total for the Series B round that was led by Team8 Capital, according to TechCrunch. The startup’s existing investors — Viola FinTech, Arbor Ventures and Eight Roads —participated, while Nationwide and Hannover Digital Investments joined as strategic investors.
Founded in 2016, Planck seeks to streamline the commercial producing processes – providing real-time data insights for small-and-medium business segments across the U.S.
“After assessing several companies in the marketplace, we quickly determined Planck’s AI platform provides faster and more consistent data for commercial insurers like Nationwide,” stated Erik Ross, leader of Nationwide’s venture capital and mergers and acquisitions teams. “We’re impressed with the founding team’s experience building value for insuretech companies and look forward to supporting Planck’s growth.”
Nationwide’s venture capital team has made several recent investments, including Deep Sentinel, Vesta Healthcare, KINETIC, Upstream Security, Socotra, Betterview, Nexar, BlueVine, blooom, Insurify, Next Insurance, Matic and Sure.