An augmented reality firm specialising in enhancing insurance claims processes has secured a $3.9 million Series A investment.
The company’s 3D models of any room or space streamline the data collection necessary to virtually settle interior insurance claims. Users can easily gather comprehensive data from the damaged area, including measurements, summary reports, photos, and 3D models. The platform integrates seamlessly into existing insurance industry claims applications.
The funding round for the Austin, Texas-based company was led by ManchesterStory Group, a venture capital fund focusing on InsurTech, FinTech, and healthcare. Additional investments came from The Venture Reality Fund and Colopl Next Inc.
Matt Kinley, managing partner of ManchesterStory, highlighted the significant improvement PLNAR’s system brings to onsite insurance claims adjustments. Historically, measuring rooms for claims adjustments has been a manual process conducted in challenging, sometimes hazardous environments. By utilising PLNAR’s AR-enabled data capture system, the process of measuring and creating a 3D model of the site for further assessment is expedited and more accurate.
Kinley also noted that PLNAR is well-positioned to assist insurers in reducing Loss Adjustment Expense (LAE) and overall operating expenses, while simultaneously improving loss prevention and fraud detection efforts.
According to Andy Greff, CEO of PLNAR, ManchesterStory leading the funding round underscores the value PLNAR provides to insurance carriers seeking to cut costs and enhance efficiency in the claims process. The additional investments from The Venture Reality Fund and Colopl Next further validate PLNAR’s role in leveraging AR technology to address various challenges in home improvement-related industries.
This investment signifies a crucial step forward for the firm, enhancing its capability to innovate within the insurance and home improvement sectors.