PLNAR Announces $3.9 Million Investment In Series A Funding
New funding will be used to continue company research and development along with expansion.
PLNAR, the augmented reality (AR) solution that enables the creation of fully measured, real-time 3D models of any space, has announced a Series A investment of $3.9 million (USD) led by InsurTech, FinTech and healthcare venture capital fund ManchesterStory Group. Additional funding has also come from The Venture Reality Fund and Colopl Next Inc.
“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,” said Andy Greff, CEO of PLNAR. “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.”
The capture solution that PLNAR provides is able to handle all the data necessary to virtually settle interior insurance claims by allowing the user to easier gather the full context of the damaged area including measurements, summary reports, photos and 3D models. Their platform is designed to be integrated seamlessly into existing insurance industry claims applications and the new fund investments will be used to help the company expand further within the insurance claims and home improvement industries.
“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.”
The announcement of the funding investment follows a series of customer launches for the company, including Genpact’s InspectorPro solution and SaaS product launches, the release of the company’s iOS SDK, and a suite of PLNAR enterprise options for professionals within the home renovation, interior design, and insurance claims industries.
“By incorporating cutting-edge AR tech to build a comprehensive claims solution, PLNAR has the vision and the product roadmap to transform the way customers and insurance carriers interact. What PLNAR is doing fits our thesis for enterprises adopting disruptive AR solutions to enhance customer satisfaction, to improve their operational efficiencies and profitability,” said Marco DeMiroz, co-founder and General Partner of The Venture Reality Fund.
PLNAR allow revealed it plans to continue to focus on the research and development around computer vision automation, design, and usability in the coming future. VRFocus will be sure to bring you all the latest in the future so make sure to stay tuned for more.