Venture Capital News: PLNAR Receives $3.9M Series A Round
AUSTIN, TX, PLNAR announced today a Series A investment of $3.9 million.
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.
Users can learn more and download the app by visiting http://pro.plnar.co.
Smart Picture Technologies, Inc. (dba PLNAR) is an Austin, Texas based software startup that generates fully measured 3D models of any room in real-time. PLNAR's virtual claim solution helps insurance carriers settle small property claims faster, by enabling adjustors to be more productive and by facilitating the migration of the carrier to a desk claims model. For homeowners, PLNAR is currently available on the App Store and will launch on Android devices in Fall 2018. For home improvement professionals and enterprises, PLNAR is available as a comprehensive suite of SaaS products at http://pro.plnar.co.
ABOUT MANCHESTERSTORY GROUP
ManchesterStory Group (ManchesterStory) is a VC firm investing in early-stage InsurTech, FinTech, and Healthcare companies delivering solutions that accelerate digitization of the $4.6 trillion insurance industry. Areas of interest include emerging technologies enhancing underwriting and pricing, digitizing distribution, lowering claims expenses, improving customer experience, and digitally-enabling asset and wealth management. For more details, please visit https://www.manchesterstory.com.
ABOUT THE Venture Reality FUND
The Venture Reality Fund ("The VR Fund") is a Silicon Valley-based venture capital firm focused on early-stage investments in the virtual reality (VR), augmented reality (AR) and mixed reality (MR) spaces as well as relevant Artificial Intelligence and Machine Learning technologies. The firm invests globally in innovative companies across a wide variety of sectors from infrastructure and development tools to content and applications, to help entrepreneurs bring industry-defining technology to market faster. The firm's first exit success, Owlchemy Labs, was finalized within The VR Fund's first year of operation. As part of its commitment to educating and strengthening the ecosystem, The VR Fund publishes industry insights including quarterly global VR and AR landscapes detailing the market's growth, new investments and increased international impact. It is also a proud partner of the Women in XR initiative, which connects female founders and women-led businesses to capital and resources. For more information, please visit TheVRFund.com.
ABOUT COLOPL NEXT, INC.
Colopl Next (https://www.coloplnext.co.jp) is the corporate venture capital arm of Colopl Inc, a Japanese game developer. Operating several funds that account for a total of $100M+, each fund has a particular focus, such as young entrepreneurs, VR/AR, and emerging technologies. We make investments globally; in fact, more than half of our portfolio companies are based outside of Japan. With "Entertainment in Real Life" as our group's mission, Colopl Next supports startups while utilizing Colopl's knowledge and experiences of developing user-first products.
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