November 14, 2019
DataCubes Raises $15.2 Million in Series B Funding Round
Funding to enable the insurtech startup to accelerate the insurance industry’s adoption of its AI-driven underwriting decisioning platform, grow its team and accelerate R&D
CHICAGO (November 14, 2019) – DataCubes, a leading underwriting decisioning platform for U.S. commercial property and casualty (P&C) insurers, today announced the close of a $15.2 million funding round led by Palm Drive Capital.
DataCubes 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 empowers 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, which includes The Hanover, Selective Insurance, RLI, Columbia Insurance Group, Penn National Insurance, Tangram, WCF Insurance and Synergy Coverage Solutions among dozens more that have not yet been publicly announced.
“The old way of underwriting risks is a drain on both a carrier’s resources and the customer experience it is able to provide,” said Kuldeep Malik, CEO and co-founder, DataCubes. “This round of funding will give us a boost to support the demand we are seeing from the underwriting community to fix inefficiencies and drive better expense and loss ratio results.”
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.
Nick Hsu, partner at Palm Drive Capital and member of DataCubes board of directors added, “DataCubes’ rapid growth is a testament to the fact that there is a better way to underwrite commercial P&C risks. Carriers that continue to do business as usual, will lose out to the modern carrier who will operate faster, more accurately and at a reduced cost.”
About Palm Drive Capital
Palm Drive Capital is a New York-based venture capital and growth equity fund that invests in leading software and internet companies with a US focus. Since their launch in 2014, they’ve espoused the notion that innovators are everywhere. They also believe that the most successful founders are visionary and principled. Palm Drive has a unique combination of strong Silicon Valley roots and New York financial discipline. In addition to its investments on the West Coast, Palm Drive has a presence in emerging US tech centers including the Northeast, the Midwest, and the South. With backing from top entrepreneurs and institutions, Palm Drive also has an expansive and differentiated network that spans across the United States, Europe, South America and Asia. Portfolio companies include Carta, Clover Health, Rappi, Jet.com, and Boom Supersonic. For more information, please visit www.palmdrive.vc.
Convr is a modularized AI underwriting data analysis platform that digitizes and fuses submissions with best sources of information to surface underwriting insights, business classification and risk scores. The platform has revolutionized the industry through data, discovery and decisioning intelligence.
Convr customers include commercial insurance organizations of all sizes, including many of the Top 10 carriers, which use the platform to enable superior performance, optimal efficiency, quality decisioning and world-class customer experiences.