trustlayer

TrustLayer is an AI-powered collaborative risk management platform that automates the verification of insurance, licenses, and compliance documents for businesses. Founded in 2018 by John Fohr and Vincenzo Acinapura, the company is headquartered in San Francisco, California.

Company Overview

TrustLayer's platform leverages robotic process automation (RPA) and artificial intelligence (AI) to digitize the traditionally manual and error-prone process of insurance verification. This enables companies to automatically verify the insurance and licenses of their vendors, suppliers, borrowers, and tenants, thereby reducing risk and administrative costs.

Funding and Financials

In August 2021, TrustLayer secured a $15.1 million Series A funding round led by Craft Ventures, with participation from investors such as Abstract Ventures, Box Group, Propel Venture Partners, NFP Ventures, Sure Ventures, and PruVen Capital. This funding was intended to support the expansion of their workforce and further development of their digital proof of coverage solution.

Prior to this, in February 2021, the company raised $6.6 million in seed financing led by Abstract Ventures, with participation from Propel Venture Partners, NFP Ventures, BoxGroup, and Precursor Ventures. Notably, 20 of the top 100 insurance agencies in the U.S., including Holmes Murphy, Heffernan, M3, NFP, and Graham Company, also invested in this round.

As of 2024, TrustLayer reported a revenue of $2.8 million with a team of 42 employees.

Market Position and Partnerships

TrustLayer has established itself as a preferred solution for automating insurance verification across various industries, including construction, property management, sports, and hospitality. The company has formed significant partnerships with leading insurance brokers and carriers. For instance, in June 2021, Graham Company, one of the largest insurance brokers in the U.S., partnered with TrustLayer to offer its clients an innovative solution for vendor compliance.

Additionally, TrustLayer has collaborated with BrokerTech Ventures, a consortium of 13 innovative insurance agencies and 11 top-tier insurance companies, which made TrustLayer their first investment in a company that completed their accelerator program.

Industry Context

The insurance verification process has traditionally been manual, paper-based, and prone to errors, leading to significant resource strain and administrative costs. Research indicates that 75% of U.S. businesses are underinsured, and approximately 200,000 proof of coverage requests are made daily in the U.S. TrustLayer's automated solution addresses these challenges by providing a secure and efficient method for verifying insurance and compliance documents, thereby reducing risk and operational inefficiencies for businesses.