Proof, a company specialising in identity authorisation networks, has secured investment from State Farm Ventures, the corporate venture arm of State Farm and a provider of auto and home insurance in the US.
This investment supports Proof’s efforts to mitigate identity fraud and enhance operational efficiency, while also streamlining the “paper-heavy insurance sector”.
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State Farm Ventures vice-president Mike Remmes stated: “State Farm Ventures is committed to investing in innovative technologies that make digital transactions safer for our customers.
“Proof’s advanced identity verification platform aligns with our mission to support the kind of innovation we want to bring to the insurance industry – one that improves both security and customer experience.”
In 2024, Proof exceeded $150bn in authorised transactions and recorded a 44% increase in its presence within the real estate sector, the company claimed.
Proof’s network offers a suite of tools designed to ensure “high-assurance digital transactions”.
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By GlobalDataThese include Identify, a no-code tool for identity verification and fraud prevention, and Verify, a live video call solution with biometric checks that provides real-time fraud protection.
Other products include Notarize, a secure digital notarisation service; Sign, an eSignature solution that guarantees document authenticity; and Defend, a fraud detection system aimed at combatting forgery and deepfakes.
The company claimed that its platform saves up to 21 days and $45 per transaction, helping businesses automate processes and enabling consumers to complete transactions instantly and on their own terms.
Proof CEO Pat Kinsel said: “This strategic investment affirms Proof’s role in transforming how identities are verified in the digital world.
“Our platform empowers businesses and individuals to establish trust remotely and securely, eliminating the need for in-person meetings or paper documentation. This is key to creating a more efficient, secure and accessible digital economy.”
Last month, Proof integrated with SoftPro to enhance identity verification and security in digital real estate transactions.
