Proof secures strategic investment from State Farm Ventures

State Farm Ventures, the corporate venture arm of U.S. auto and home insurance giant State Farm, is investing in Boston-based Proof, which surpassed $150 billion in authorized transactions in 2024, according to a release.

The company saw 44 percent growth in the otherwise lagging real estate sector, which it says underscores an increasing demand for secure identity verification solutions even in challenging market conditions. The insurance sector could further fuel demand for secure IDV.

Proof’s product suite includes the Identify no-code ID verification integration; the Verify tool for live, face-to-face video call with biometric checks for real-time fraud protection during high-security transactions; the Notarize service for securem legally compliant digital notarizations; the Sign eSignature tool; and the Defend fraud detection system designed to combat forgery and deepfakes.

Pat Kinsel, CEO of Proof, says the unspecified investment from State Farm “affirms Proof’s role in transforming how identities are verified in the digital world.”

Article Topics

biometrics  |  digital identity  |  face biometrics  |  identity verification  |  insurance  |  investment  |  Proof  |  real estate