Certificial, a Jersey City, N.J.-based real-time certificate of insurance (COI) issuance and compliance management platform, raised $5.8m in Series A funding.
Backers included IA Capital, Nationwide, Cofounders Capital, Fin VC, and Cameron Ventures.
Led by Peter Teresi, co-founder and CEO, Certificial is a real-time intelligent insurance verification and monitoring platform, designed to simplify the supplier management and certificate issuance processes by providing businesses with dynamic ACORD certificates of insurance.
In Q1 of 2021, the company onboarded over 6,000 new agencies and brokers to the platform, which supports tens of thousands of corporate users, including several leading U.S. companies from all industries, that can now monitor their suppliers’ insurance coverage in real-time, without the administrative burden and cost.
In combination with the funding, Certificial has also launched a partnership with the Property and Casualty Insurance Business of EXL [NASDAQ: EXLS], a operations management and analytics company, to provide additional automation for all stakeholders.