Planck, an AI-powered data and analytics platform for commercial insurance firms, has raised $23m in a funding round led by Vintage Investment Partners.

The round, which takes the firm’s total funding to $71m, was joined by all returning investors including Team8, Greenfield, Arbor Ventures, Viola, 3L Capital, HDI and Nationwide, along with private angel investors.

US-based Planck plans to use the proceeds to develop new products to complement its platform and on geographic expansion.

Planck investor and advisor Gary Gregg, who is also former executive vice president of Liberty Mutual Group, said: “By partnering with Planck, commercial insurance carriers and their agents can achieve breakthrough levels of improvement in their processes and profitability by having clear, real-time views into their underwriting and business risks that are not available from standard industry data flows and typical providers.

“Insurer partners will reap the benefits from these insights to greatly improve their customer experience, operations, and bottom line.”

Recently, Planck launched solutions including its underwriting risk search engine to address the shortcomings of traditional research methods, and Prospect Intelligence, which is designed to help carriers expand into new markets, cut customer acquisition costs, and drive growth.

Planck CEO and founder said: “Our record acceleration and the confidence of investors during this economic uncertainty is a strong indicator of the platform’s value and necessity.

“We are energised to continue our journey of bringing the most advanced AI-powered insights to the financial services industry across the globe, and thankful for the ongoing trust of our customers and partner community.”