Evident, a leading provider of automated third-party insurance verification and credentialing services for enterprises, today announced it has closed a $14 million Series C financing round. This round of funding was led by Forte Ventures with participation from new investors Gaingels and Strawberry Creek Ventures, an Alumni Ventures fund, and existing investors including New Enterprise Associates, Aspect Ventures, Blue Cloud Ventures, Lane Bess, and Tom Noonan.
“Third-party networks are growing faster and more complex, increasing risk while making management even more difficult,” said David Thomas, founder and CEO of Evident. “Evident’s insurance verification solution helps risk managers looking to reduce risk in their third-party networks and to do so with more accuracy, speed and visibility. And our automated, SaaS approach is revolutionary for those using costly and error-prone home-grown systems or traditional service providers.”
Evident provides comprehensive certificate of insurance (COI) verification and credentialing services so that enterprises across industries may reduce their third-party risk and improve compliance rates. Evident’s secure platform extracts and digitizes data from COIs and evidence of all types, and provides the initial verification as well as ongoing monitoring to detect changes and automate risk decisioning. Evident’s customers include category leaders in grocery, retail, convenience stores, manufacturing, lending and transportation.
“Since their inception, Evident has sought to change the conversation around third-party risk through automated verification,” said Tom Hawkins, founder and managing partner of Forte Ventures. “We are particularly excited about the key strategic relationships they have formed,, and how that complements our investment strategy of collaborating with corporate and strategic investors.”
Earlier this year, Evident announced key product milestones that allow for automation of more than 90% of the insurance verification process including document data extraction, verification decisioning, compliance remediation, and insured re-engagement. In addition, this year Evident has engaged in several strategic partnerships, including, among others, Vouch Insurance focused on solutions for startups and NEXT Insurance, connecting enterprise customers’ vendors with a direct way to purchase the exact coverage they need.
“As the largest investor network focused on companies that value diverse leadership, including LGBTQIA+,” said Managing Director Lorenzo Thione “Gaingels is proud to support Evident’s growth and their efforts to build a culture that reflects the diversity of its executive teams, staff and customers.”
“Our investors have been instrumental to Evident’s growth and continued innovations,” Thomas continued. “We are excited and humbled to work with such great partners and look forward to the continued growth that their support will enable our team to accomplish.”