TrustLayer plans to use the funds to expand its team and develop new partnerships with insurance agencies. Here are the top-line bullets you need to know.
TrustLayer, an AI-powered insurance verification platform, raised $15.1M in a Series A funding round. The round drew participation from Craft Ventures, BoxGroup, and Propel Venture Partners, among others.
How’s the company performing?
- California-based TrustLayer’s platform uses robotic process automation (RPA) and AI to enable customers to check insurance validity in real time.
- The company has conducted pilot runs with Liberty Mutual, Nationwide, and Procore, among others.
- TrustLayer has a team of over 30 employees.
Why does the market matter?
- The global insurtech market is projected to grow at a CAGR of 48.8% to reach a value of $60.98B by 2028, according to Grand View Research.
- The insurtech sector is seeing significant growth in investments, with startups raising $4.8B in Q2’21, an 89% increase from Q1’21.
- Increasing automation and rapid adoption of predictive analytics, and the use of blockchain technology to handle fraudulent claims, have contributed to the industry’s growth.