Today TrustLayer announced it completed a $6.6 million seed round. The company uses AI and machine learning to extract and standardize data from insurance certificates and the data is written to a blockchain. Contractors such as builders and engineers often need to provide proof of insurance to work, and the solution allows their employer to verify the cover in real-time.
The funding round was led by Abstract Ventures and included Propel Venture Partners, NFP Ventures, BoxGroup, Precursor Ventures and BrokerTech Ventures. The latter is backed by insurance firms. Twenty of the top 100 U.S. insurance agencies also participated.
Earlier this month the insurance consortium RiskStream Collaborative said it was working with TrustLayer for its digital proof of insurance solution.
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