SCHAUMBURG -- DataCubes, an underwriting platform for the commercial property and casualty insurance industry, has raised $15.2 million in funding led by venture capital firm Palm Drive Capital.
The new funding will support the company's investment in research and development. as well as add 50 new employees in 2020. The investment will 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.
"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," said DataCubes CEO and co-founder Kuldeep Malik.
The funding round, led by Palm Drive Capital, includes 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.
"DataCubes' rapid growth is a testament to the fact that there is a better way to underwrite commercial P&C risks," said Nick Hsu, partner at Palm Drive Capital and member of DataCubes board of directors. "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."