Proof secures strategic investment from State Farm Ventures to drive innovation in identity verification and fraud prevention

Today we announce a strategic investment from State Farm Ventures, the corporate venture arm of State Farm®, the largest provider of auto and home insurance in the United States. This investment will accelerate Proof’s mission to combat identity fraud while enhancing efficiency and improving the customer experience in the traditionally paper-heavy insurance sector.

Proof surpassed $150 billion in authorized transactions in 2024, illustrating its rapid adoption in combating identity fraud and automating critical business processes. Despite real estate sales hitting their lowest levels since 1995, Proof experienced a 44% growth in the real estate sector, underscoring the increasing demand for secure identity verification solutions even in challenging market conditions. This strategic investment from State Farm Ventures highlights the growing importance of identity security in the insurance industry, where fraud prevention and secure digital interactions are crucial.

“State Farm Ventures is committed to investing in innovative technologies that make digital transactions safer for our customers,” said Mike Remmes, Vice President, State Farm Ventures. “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.”

Proof’s identity authorization network is trusted by industry-leading companies including 16 of the Fortune 100. Proof’s network introduces a groundbreaking method for linking verified real-world identities to any kind of digital interaction, providing scalable infrastructure to prevent fraud and enhance trust across all customer and employee interactions. The Proof platform saves as many as 21 days and $45 per transaction, allowing businesses to automate their critical processes and consumers to complete life’s most important transactions instantly, online, and on their own terms.

Proof’s network is built on a suite of products designed to ensure high-assurance digital transactions:

• Identify: A no-code tool that integrates seamlessly into workflows to confirm identities and prevent fraud.
• Verify: A live, face-to-face video call with biometric checks that offers real-time fraud protection for high-security transactions.
• Notarize: A service enabling secure, legally compliant digital notarizations.
• Sign: An eSignature solution that provides verified, secure document signing, ensuring authenticity and reducing the risk of forgery.
• Defend: A fraud detection system designed to combat forgery and deepfakes across multiple transaction types.

“This strategic investment affirms Proof’s role in transforming how identities are verified in the digital world,” said Pat Kinsel, CEO of Proof. “Just as digital payments revolutionized financial transactions, we are setting a new standard for identity verification. 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.”

About State Farm Ventures, LLC

State Farm Ventures focuses on investing in startups developing technologies and products to fulfill customer needs in ways they may not expect from their insurance company. State Farm Ventures, LLC, is a wholly-owned subsidiary of State Farm Mutual Automobile Insurance Company.

About State Farm®:

For over 100 years, the mission of State Farm has been to help people manage the risks of everyday life, recover from the unexpected and realize their dreams. State Farm and its affiliates are the largest providers of auto and home insurance in the United States. Its more than 19,200 agents and 67,000 employees serve over 91 million policies and accounts – including auto, fire, life, health, commercial policies and financial services accounts. Commercial auto insurance, along with coverage for renters, business owners, boats and motorcycles, is also available. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 39 on the 2024 Fortune 500 list of largest companies. For more information, please visit http://www.statefarm.com.

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