US-based insurance tech (insurtech) company Layr has raised $10m in its latest funding round to expand its operations and augment platform functionality for brokers.

Cota Capital led the AI-powered insurtech company’s latest funding round.

 K Fund, HSCM Ventures, Sandbox Industries and Flyover Capital also participated in the funding round.

Founded in 2016, Layr helps independent agencies automate and digitise small business insurance.

Stewart Pond, principal at Cota Capital, said: “The small business insurance market is large and growing but inherently costly to manage. The challenge is compounded further by an undersupply of licensed account managers, acting as a bottleneck to the longer-term growth of the brokerage.

“Layr is building the infrastructure to automate manual, time-intensive tasks and help brokers focus on areas where they can provide the highest value for customers.”

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Pond added: “We believe that Layr has the team, the technology and the vision to become a leader in small commercial insurance and a de facto solution for brokers as they scale their business.”

Layr claims that its platform allows brokers to serve up to six times more small business clients by modernising complex manual workflows.

The insurtech company also offers brokers’ small business clients access to a white-labelled, secure online portal to buy or renew coverage, file claims and generate needed insurance documentation.

Layr founder and CEO Phillip Naples said: “When brokers use Layr for their small business insurance management, their policyholders receive insurance services that are as easy and painless as their online banking.

“With Layr, broker partners handle more clients with ease and at higher margins, all while gaining valuable business intelligence. It is time to bring small business insurance into the 21st century.”