“Maybe [it’s to] Check that the subcontractor is leaving the job site with the correct information [insurance] and often companies have to make sure that their partners have some kind of insurance, like they do for plumbers in this country,” Fohr said.
TrustLayer was founded four years ago but officially launched in 2021. The company has raised $21 million in two rounds, and currently has 36 employees.
TrustLayer is making its mark at a difficult time for tech startups, after public markets pulled away from tech companies last year and investors have followed suit. TrustLayer ended up reducing its staff temporarily, which Fohr said was a difficult but important decision.
“What we saw is that the market is growing, and it’s very difficult to be in any company. But at the end of the day, my job as CEO is to set a vision, build a team and then take part of the investment that we can use our time and money,” said Fohr. “The idea was, it’s better to make tough decisions when you have a lot of money in the bank than to wait until you don’t have the energy.”
The long-term goal, he said, is to accelerate the company’s growth and use capital wisely.
“We’re trying to be as efficient with capital as we can,” Fohr said.
The TrustLayer platform is a SaaS (software-as-a-service), which focuses on creating paper-based content.
Securing insurance coverage has been a “special, painful process to follow,” Fohr said. The problem with this is that you often don’t know if what is written is true. Just because I got a piece of paper doesn’t mean I didn’t make it yesterday. Just because I gave you the paper doesn’t mean it’s correct, and just because I had insurance yesterday doesn’t mean I didn’t leave it today.”
TrustLayer addresses this with “visual tools” that automatically extract information from documents and help create digital proof of insurance, Fohr said. Clients include property management companies, construction companies and franchisors who need to comply with insurance information. TrustLayer often works with carriers and brokers as partners.
TrustLayer’s platform relies on robotic process automation “and beautiful AI,” as well as legacy OCR (optical character recognition) and natural language processing tools. In addition, this enables TrustLayer to obtain sufficient information about the organization to collect, track and remove documents from paper.
TrustLayer has just launched another version of its digital insurance platform, which is now in beta testing.
Whether they are vendors, lenders, renters, drivers or others, the customer signs and recognizes the insurance requirements of the relationship.
TrustLayer’s home page tracks documents such as documents, passports, driver’s licenses, COVID forms, OSHA documents, or related documents. Clients click a button that allows TrustLayer systems to access all related parties. They can also drag and drop documents on the platform, then the TrustLayer system works to identify the documents, their team and then AI helps extract the information. The TrustLayer engine also compares the information available to the party and their relationship with the submitted documents.
In addition, it can integrate with several companies and systems, such as its integration with software development company Procore and other software architecture platforms. Often those links are already done before customers sign up.
“We’ve taken steps to allow our customers to integrate with these platforms,” Fohr said. “We … have integrated with many industry solutions.”
Most of these platforms have a digital market, and TrustLayer is there, so users “can just push a button and …
Training is a process, and TrustLayer deploys its customer success team as needed, but Fohr said integration with customers is “very easy,” with other options including open APIs that make the process more straightforward.
“We have an open API where they can communicate with each other [clients] work with – vendors, lenders, and others, with TrustLayer, to be able to connect,” Fohr said.