DataCubes, an underwriting decisioning platform for commercial property and casualty (P&C) insurers in the US, has raised $15.2m in Series B funding round.
The round was led by Palm Drive Capital. Altos Ventures, NFP Ventures, Stage 2 Capital, MPK Equity Partners along with the company’s existing investors Seyen Capital and MK Capital also participated in the round.
Overall, DataCubes has secured around $18m in less than three years.
The Illinois-based firm intends to use the money to accelerate its research and development programme.
Proceeds will also be used by the company to hire up to 50 new people next year and drive its clientele.
DataCubes CEO and co-founder Kuldeep Malik said: “The old way of underwriting risks is a drain on both a carrier’s resources and the customer experience it is able to provide.
“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.”
DataCubes leverages AI and machine learning to assess a variety of information sources. It includes semi-structured insurance submissions and around four billion objects in its data lake.
Commercial insurers utilise DataCubes’ d3 Underwriting software platform to optimise underwriting workflow processes for SMB and middle market risks.
The platform can be used to assess risks across all standard commercial and specialty lines of business.