DataCubes, a Schaumburg, Illinois-based underwriting decisioning platform for U.S. commercial property and casualty (P&C) insurers, closed a $15.2m Series B funding round.
The round was led by Palm Drive Capital with participation from Altos Ventures, NFP Ventures, Stage 2 Capital, MPK Equity Partners and existing investors including Seyen Capital and MK Capital.
The company intends to use the funds for research and development as well as expansion of the team, adding 50 new employees in 2020.
Founded in 2016 by Kuldeep Malik and Harish Neelamana, 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, its 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.
CLients include 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.