TrustLayer, a risk management platform that uses RPA and intelligent automation to verify coverage for the insurance industry, secured a $15 million Series A funding round. The San Francisco-based technology company leverages automation that enables its users to automatically verify the insurance and licenses of their vendors, suppliers, borrowers, and tenants, which helps them more accurately assess risk.
The insurance industry was an early target of RPA because so many of the back office processes of insurers were paper-based and manual. That inefficiency extended to the process of verifying a company or individual was insured, as well. TrustLayer CEO and Co-Founder Jon Fohr identified that as a pain point for businesses and turned to RPA to automate the process for a range of businesses.
“Insurance is really complicated. And virtually every business has had to deal with the frustration of proving they have coverage,” Fohr says, touting the funding round. “This is true across all sectors from construction to property management and from financial services to franchising. The antiquated and manual processes that exist today are full of hidden risk. The type of risk that can cost millions.”
The round was led by Craft Ventures, with additional participation from Abstract Ventures, Box Group, NFP Ventures, Nine Four Ventures, Propel Venture Partners, PruVen Capital, and Sure Ventures.