PLNAR, the augmented reality (“AR’) solution that creates, fully measured, real-time 3D models of any room, announced today a Series A investment of $3.9 million led by InsurTech, FinTech and healthcare venture capital fund ManchesterStory Group. Additional funding comes from The Venture Reality Fund and Colopl Next, Inc. The financing will be used to fund PLNAR’s expansion in the insurance claims and home improvement industries.
PLNAR’s property claims solution captures all the data necessary to virtually settle interior insurance claims by allowing the user to easily gather the full context of the damaged area including measurements, summary reports, photos and 3D models. The platform is designed to integrate seamlessly into existing insurance industry claims applications.
“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.”
“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.”
This new funding will also support PLNAR’s expansion into home improvement markets, allowing businesses in the remodeling industry to use the PLNAR solution to grow sales, digitize processes, and improve the customer experience.
“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.
Colopl Next also believes in PLNAR’s potential in the insurance industry and beyond. “Using AR and computer vision technology, PLNAR provides a useful AR application with a practical purpose,” said Shintaro Yamakami, CEO of Colopl Next. “We expect the service to be used broadly and to make AR closer to our everyday lives.”
PLNAR’s funding announcement follows a series of customer launches, 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 in the home renovation, specialty contracting, interior design, and insurance claims industries.
Going forward, PLNAR will continue to focus on research and development around computer vision automation, design, and usability. PLNAR will also launch a comprehensive virtual claims solution for flood, fire, and water damage which will enable adjustors, inspectors, and home owners to easily leverage the platform.