3D modelling firm lands $3.9m investment
An augmented reality firm which helps insurance carriers make their claims processes more efficient has landed $3.9 million Series A investment.
PLNAR’s 3D models of any room or space can handle all the data necessary to virtually settle interior insurance claims.
It does this by allowing the user to easily gather the full context of the damaged area, including measurements, summary reports, photos and 3D models.
Its platform is designed to be integrated seamlessly into existing insurance industry claims applications.
The funding round into the company based in Austin, Texas was led by InsurTech, FinTech and healthcare venture capital fund ManchesterStory Group, based in Iowa.
Additional funding has also come from The Venture Reality Fund and Colopl Next Inc.
“Historically, measuring rooms as part of an onsite insurance claims adjustment has been a manual process completed in difficult, sometimes dangerous, environments,” said Matt Kinley, managing partner of ManchesterStory.
“Using PLNAR’s, AR-enabled, data capture system to measure and create a 3D model of the site for further assessment, improves the speed and accuracy of onsite data collection.
“PLNAR is well-positioned to help insurers reduce LAE (Loss Adjustment Expense) and overall operating expenses, while improving loss prevention and fraud detection efforts.”
Andy Greff, CEO of PLNAR, added: "Having ManchesterStory lead our round really underscores the value PLNAR brings to insurance carriers looking to reduce cost and cycle time in the claims process.
"The additional investments from The Venture Reality Fund and Colopl Next speak to the way we’re enabling the enterprise, with AR technology that solves a variety of challenges for different home improvement related industries."