AI-powered insurance platform Planck has raised $16m in a Series B funding round led by Team8 Capital, the investment vehicle of Team8.

The latest funding takes the total amount raised to date by Planck to $28m.

Team8 was joined by current backers comprising Viola FinTech, Arbor Ventures, Eight Roads and new strategic investors Nationwide and HDI Group.

Using the infusion, Planck plans to accelerate the pace of expansion of its customer base.

The fresh capital will facilitate the firm’s expansion in different markets, including the US and its entry into other markets beginning from Germany in 2021.

Nationwide leader of venture capital and mergers and acquisitions teams Erik Ross said: “After assessing several companies in the marketplace, we quickly determined Planck provides faster and more consistent data for commercial insurers like Nationwide.”

Planck offers an AI-based data platform for commercial insurance.

In the US, the firm has been working with carriers including Chubb, Great American Insurance Group’s Republic Indemnity, among others.

The firm offers data analytics for over 50 major business segments such as hospitality, construction and retail, as well as business lines including workers compensation, general liability and employment practices liability.

Planck CEO and co-founder said: “Planck will continue its role as a catalyst for digital transformation initiatives on all fronts, so commercial insurers can reduce the time and resources invested in the submission, underwriting, audit and renewal processes; incorporate new indicative markers into their models; and above all, achieve a dramatic increase in data accuracy and completeness, all of which yields better business results.”