TrustLayer is an AI-powered collaborative risk management platform working to digitize the highly manual, error-prone, and paper-based process of insurance verification. With TrustLayer, companies can securely automate the verification of insurance, licenses, and compliance documents of their business partners (i.e., vendors, subcontractors, suppliers, borrowers, tenants, ridesharing, and franchisees) in an easy-to-use digital dashboard. Yesterday, the company announced it has closed a $15.1 million Series A funding round led by Craft Ventures with participation from Abstract Ventures, Box Group, Propel Venture Partners, NFP Ventures, Sure Ventures, and PruVen Capital.
Founded in 2018, TrustLayer’s solution is a product that leverages RPA and AI to automatically verify the insurance and licenses of vendors, suppliers, borrowers, and tenants. The company’s RPA automates tasks traditionally done by a human, using software robots that follow a set of rules and interact with business systems via user interfaces.
The Series A financing comes after an impressive year for TrustLayer that included considerable growth in industries such as construction, property management, sports, and hospitality. The company is actively hiring top talent across its sales, marketing, and engineering teams to support the high demand for its solution. The new capital will also fuel the development of its live digital proof of coverage solution, and integrations with many insurance carrier systems of record, building upon pilots with major carriers such as Liberty Mutual, and Nationwide.
“We are especially proud to have such significant backing from a top-tier SaaS fund like Craft Ventures as well as some of the top insurance brokers in the country, a tremendous industry validation for our technology. We look forward to continuing this momentum with the support of our investors.”
John Fohr, Co-founder and CEO, TrustLayer