TrustLayer, Inc.

TrustLayer, Inc. is a US-based company focused on automating third-party risk management through advanced technology solutions, streamlining compliance verification and vendor onboarding processes for diverse industries. Founded in 2018, TrustLayer, Inc. specializes in third-party risk management solutions.

The company is headquartered in San Francisco, US. The co-founders are John Fohr and Vincenzo Acinapura, with John Fohr currently serving as the CEO. TrustLayer raised USD 15 mn in its Series A funding round on August 18, 2021, led by Craft Ventures and supported by several investors including Abstract Ventures and BoxGroup. This funding represents the total amount raised to date by the company.

TrustLayer provides a comprehensive platform designed to streamline third-party risk management through automation and artificial intelligence. Their core offerings include automated verification of compliance documents such as Certificates of Insurance (COIs), W9 forms, and various business licenses, facilitating the onboarding of vendors while reducing the administrative burden on companies. The platform's collaborative features enable all stakeholders, including insurers, brokers, and enterprises, to interact efficiently, enhancing visibility and compliance throughout the risk management process. TrustLayer serves a diverse clientele across multiple industries, including construction, real estate, finance, and retail, with a notable presence in markets such as the United States and Canada.

By leveraging advanced AI technologies, TrustLayer aims to improve accuracy in compliance verification and reduce the manual effort typically associated with document management, ultimately transforming how businesses approach risk. TrustLayer operates primarily on a subscription-based revenue model, where clients typically pay for access to their platform based on usage and the scope of services provided. The company offers various pricing plans tailored to accommodate organizations of different sizes, ensuring accessibility for both small businesses and large enterprises. Clients engage in transactions for services such as automated document collection, compliance monitoring, and risk assessment, which are crucial in facilitating efficient vendor management.

The revenue structure is designed to foster long-term relationships with clients, enabling them to manage their compliance needs effectively while benefiting from ongoing support and updates. TrustLayer's flagship offerings are integral to risk management processes, providing significant value to customers by ensuring that all compliance documents meet industry standards and contractual requirements. In August 2021, TrustLayer, Inc. raised USD 15 mn in Series A funding to support its growth initiatives.

The funding will be utilized for developing its live digital proof of coverage solution and creating integrations with various insurance carrier systems, building on successful pilots with major carriers such as Liberty Mutual and Nationwide. TrustLayer is also planning to expand its market reach into new geographic regions, targeting additional markets in the US and Canada by 2023.