Tampa insurtech company TrustLayer nabs $15.1M Series A

A Tampa-based tech company reimagining the world of business insurance just got a huge influx of cash.

What’s happening: TrustLayer, a digital risk management platform, just closed a Series A funding round of $15.1 million.

• Lightning owner Jeff Vinik is one of those investors, the company said in its announcement.

How it works: Trustlayer uses robotic process automation and AI — similar to the blockchain technology we covered earlier this year — so companies can automatically verify the insurance and licenses of their vendors, suppliers, borrowers and tenants.

• It’s a game changer for accuracy, especially when compared to the old-fashioned paper method of insurance processing.
• 90% of insurance certificates put companies at risk for serious liabilities by materially misrepresenting their coverage, according to a 2015 study.

What’s next: The company is using the new funds to hire engineering and sales workers locally and nationally.

• And it aims to launch a fully-digital proof of insurance product to make the lives of carriers, brokers and the insured easier.