Strengths
- CB Insights and Series C announcements support US$2.1B private-unicorn status.
- Series B/C financing milestones are public.
- Named partnerships support GTM breadth.
Diligence report
bolttech
bolttech Startup Diligence Report
Proceed only to confirmatory diligence. The case depends on proving that partner distribution and quoted-premium scale convert into durable, compliant, high-margin revenue while controlling concentration, claims/servicing, licensing, data-security and competitive-pricing risks.
Company profile
bolttech Startup Diligence Report
bolttech appears eligible as an active private unicorn: CB Insights lists bolttech at US$2.1B, public Series C announcements support the same private valuation, and a June 2026 ING partnership shows continuing operations. Public evidence supports broad embedded-insurance platform and partner claims, but financial, cap-table, customer, legal, regulatory, security and HR diligence remains unresolved.
- Website
- bolttech.io
- Sector
- Embedded insurance and protection insurtech platform
- Geography
- Singapore-headquartered with global operations across Asia, Europe, North America and Africa
- Stage
- Private unicorn / growth-stage insurtech
- Known aliases
- bolttech Group, bolt, bolt insurance exchange, AmTrust Mobile Solutions (CB Insights profile URL alias)
- Report version
- 1.0
- Timezone
- UTC
Executive summary
Risks
- Valuation without public financial quality.
- Unknown customer/partner concentration.
- Privacy/security exposure.
- Multi-jurisdiction insurance licensing risk.
- Competitive pressure.
Gaps
- Audited financials and management accounts
- Cap table and financing documents
- SKU economics and claims costs
- Revenue by partner/customer
- Top suppliers and SLAs
- Win/loss and pricing benchmark
Risk register
R-001: Valuation without public financial quality
US$2.1B valuation is public but revenue, margins, cash, burn and runway are not.
Diligence request: Request audited financials, KPI cohorts and cash/debt schedule.
R-002: Partner/customer concentration unknown
Partner-led model lacks public revenue concentration and churn data.
Diligence request: Request revenue by partner/customer and contracts.
R-004: Insurer/distributor/supplier dependency
Operations depend on insurers, distributors, service networks and processors.
Diligence request: Request supplier/partner contracts and SLAs.
R-006: Privacy/security exposure
Privacy notice covers sensitive payment, claims, KYC/AML and cross-border data.
Diligence request: Request SOC/ISO, DPIAs, DPAs and incident log.
R-007: Multi-jurisdiction licensing risk
Insurance distribution across many markets requires exact license/appointment controls.
Diligence request: Counsel to verify licenses and regulatory correspondence.
R-005: Cap-table complexity
Multiple private rounds likely create preferences and governance rights.
Diligence request: Review financing docs and liquidation waterfall.
R-011: Competitive pressure
Competitors market overlapping embedded protection, warranty, API and claims offerings.
Diligence request: Benchmark win/loss, pricing and implementation.
R-003: Technical performance unverified
API, AI and IoT claims lack independent uptime/security/methodology evidence.
Diligence request: Review architecture, SOC/ISO, incidents and customer benchmarks.
01Financial Information
Funding and valuation are public; financial statements, cap table, debt, runway and unit economics are private.
I.A Annual and quarterly financial information for the past three years
not publicly verifiable confidence: high
No audited financial statements, revenue by product/channel/geography, backlog or AR aging were found publicly.
Evidence gaps
- Private data-room evidence required for complete diligence.
Hidden risks
- Material private records may alter the public-source assessment.
Follow-up questions
- Provide source documents supporting this checklist section.
| metric | public evidence | status | private request |
|---|---|---|---|
| Quoted premiums | US$85B+ homepage; US$55B in 2023 | partially_verified | reconcile to bound premium/revenue |
| Revenue/ARR/EBITDA | not public | not_publicly_verifiable | audited financials |
| Cash/burn/runway | not public | not_publicly_verifiable | cash/debt schedule |
| Take rate/pricing | selected Singtel prices only | partially_verified | commissions/margins |
I.B Financial Projections
not publicly verifiable confidence: high
Public sources mention growth strategy but no forecast model, budget, capex or financing assumptions.
Evidence gaps
- Private data-room evidence required for complete diligence.
Hidden risks
- Material private records may alter the public-source assessment.
Follow-up questions
- Provide source documents supporting this checklist section.
I.C Capital Structure
partially verified confidence: medium
Valuation and investors are public; share counts, preferences, debt, warrants and control rights are private.
Evidence gaps
- Private data-room evidence required for complete diligence.
Hidden risks
- Material private records may alter the public-source assessment.
Follow-up questions
- Provide source documents supporting this checklist section.
| stakeholder | public position | private gap | status |
|---|---|---|---|
| Richard Li / PCG | Richard Li chairs bolttech and founded PCG | PCG ownership/control rights | partially_verified |
| Series B/C investors | Multiple strategic/financial investors named | ownership %, rights, preferences | verified |
| Employee equity | not public | option pool/grants/vesting | not_publicly_verifiable |
| Debt/warrants/notes | not public | debt and off-balance-sheet liabilities | not_publicly_verifiable |
I.D Other financial information
partially verified confidence: medium
Public financing history is visible; tax, accounting policies, debt and valuation-basis materials are private.
Evidence gaps
- Private data-room evidence required for complete diligence.
Hidden risks
- Material private records may alter the public-source assessment.
Follow-up questions
- Provide source documents supporting this checklist section.
| date | round | amount | valuation | investors | status |
|---|---|---|---|---|---|
| 2021-07-01 | CB Insights unicorn row | not in row | US$2.1B current row | Mundi Ventures; Doqling Capital Partners; Activant | verified |
| 2023-05-17 | Series B | US$196M | US$1.6B | Tokio Marine; MetLife; Khazanah | verified |
| 2023-09-21 | Series B extension | US$50M; US$246M total | not disclosed | LeapFrog | verified |
| 2024-12-20 | Series C initial | expected >US$100M | US$2.1B | Dragon Funds; Baillie Gifford; Generali/Lion River | verified |
| 2025-06-04 | Series C close | US$147M | US$2.1B | Sumitomo; Iberis; others | verified |
02Products
Public pages verify broad embedded-insurance product scope; unit economics, roadmap and implementation quality are private.
II.A Description of each product
partially verified confidence: medium
Product pages identify API, portals, fulfillment, AI, IoT prevention and partner warranty/device programs; SKU economics are private.
Evidence gaps
- Private data-room evidence required for complete diligence.
Hidden risks
- Material private records may alter the public-source assessment.
Follow-up questions
- Provide source documents supporting this checklist section.
| product | audience | public evidence | status | gap |
|---|---|---|---|---|
| Distribution engine | partners/insurers | single API; 220+ microservices | verified | architecture/SLA |
| Portals/API | agencies/consumers/partners | quote/bind API and portals | verified | live implementations |
| Device/warranty programs | telcos/OEMs/retail | Singtel, Globe, AIS/Samsung | verified | claims economics |
| AI for Agencies | agencies | AI modules and performance claims | partially_verified | methodology/governance |
| Prevention Technology | carriers/MGAs | IoT water sensors | partially_verified | actuarial proof |
| item | public price | status | gap |
|---|---|---|---|
| Singtel Extended Warranty | SGD46 / SGD111 starting points | verified | take-rate and claims costs |
| Embedded platform | not public | not_publicly_verifiable | fees/rev-share/commissions |
| AI for Agencies | not public | not_publicly_verifiable | module pricing/model cost |
| Competitors | not captured | not_publicly_verifiable | pricing benchmark |
03Customer Information
Named partners and aggregate ecosystem counts are public; top customers, revenue concentration and supplier dependencies are private.
III.A Top customers by application
partially verified confidence: medium
Named partners show applications across banking, telco/device, warranty and auto finance, but top customers by revenue are private.
Evidence gaps
- Private data-room evidence required for complete diligence.
Hidden risks
- Material private records may alter the public-source assessment.
Follow-up questions
- Provide source documents supporting this checklist section.
| partner | region | use case | status |
|---|---|---|---|
| ING | Europe | embedded insurance/protection | verified |
| Globe | Philippines | device upgrade/protection | verified |
| AIS/Samsung | Thailand | device care | verified |
| Singtel | Singapore | extended warranty | verified |
| Stellantis/bolt | United States | auto embedded insurance | verified |
III.B Strategic relationships
verified confidence: medium
ING, Globe, AIS/Samsung, Singtel and Stellantis/bolt announcements support strategic-partner breadth.
Evidence gaps
- Private data-room evidence required for complete diligence.
Hidden risks
- Material private records may alter the public-source assessment.
Follow-up questions
- Provide source documents supporting this checklist section.
| type | examples | public signal | missing terms |
|---|---|---|---|
| bank | ING | live in four European markets | economics/exclusivity |
| telco/device | Globe, AIS, Singtel | device care/warranty programs | attach/claims/SLAs |
| auto finance | Stellantis/bolt | brand websites/apps and insurer panel | commissions/data rights |
| aggregate ecosystem | 700+ partners | homepage count | active definitions and revenue |
III.C Revenue by customer
not publicly verifiable confidence: high
Customer/partner revenue, 5%+ concentration, attach rates and churn are not public.
Evidence gaps
- Private data-room evidence required for complete diligence.
Hidden risks
- Material private records may alter the public-source assessment.
Follow-up questions
- Provide source documents supporting this checklist section.
III.D Significant relationships severed within the last two years
not publicly verifiable confidence: medium
No public schedule of severed customer, partner or supplier relationships was found.
Evidence gaps
- Private data-room evidence required for complete diligence.
Hidden risks
- Material private records may alter the public-source assessment.
Follow-up questions
- Provide source documents supporting this checklist section.
III.E Top suppliers
not publicly verifiable confidence: medium
Insurers, distributors, repair/logistics, cloud, IT, payment and service processors are material, but top supplier spend is private.
Evidence gaps
- Private data-room evidence required for complete diligence.
Hidden risks
- Material private records may alter the public-source assessment.
Follow-up questions
- Provide source documents supporting this checklist section.
| dependency | role | public evidence | risk | request |
|---|---|---|---|---|
| insurance providers | product supply/underwriting | insurer connections/providers | carrier concentration | panel by premium/revenue |
| distribution partners | customer acquisition | 700+ partners | partner concentration | revenue by partner |
| repair/logistics | claims fulfillment | Singtel authorized repair partners | service quality | SLA/vendor contracts |
| cloud/IT/payment processors | platform/data | privacy notice processor categories | security/outage | subprocessors/SOC/DPAs |
04Competition
bolttech faces embedded protection, warranty, agency-software and incumbent insurer-distribution competition.
IV.A Competitive landscape by market segment
partially verified confidence: medium
Cover Genius and Extend market overlapping capabilities; independent market share, win/loss and pricing are not public.
Evidence gaps
- Private data-room evidence required for complete diligence.
Hidden risks
- Material private records may alter the public-source assessment.
Follow-up questions
- Provide source documents supporting this checklist section.
| competitor | segment | overlap | differentiator |
|---|---|---|---|
| Cover Genius | embedded protection/API/claims | embedded protection and APIs | XCover/XClaim/RentalCover |
| Extend | product protection/warranty | retail warranty and claims | shopper operations/product protection |
| insurer/agency platforms | distribution software | quote/bind/servicing | incumbent licenses/relationships |
| in-house partner builds | bank/telco/OEM embedded insurance | partner-controlled journeys | customer data/control |
| axis | bolttech position | pressure | request |
|---|---|---|---|
| scale | 39 markets, 700+ partners, 7,000+ products | competitors claim global embedded protection | market share |
| platform breadth | single API, microservices, portals | API-enabled competitors | technical benchmark |
| economics | revenue opportunities for partners | commission/fee competition | pricing win/loss |
| TAM | $70B+ addressable market quote | large TAM attracts entrants | SAM/SOM model |
05Marketing, Sales, and Distribution
GTM is partner-led B2B2C embedded distribution; sales productivity, CAC, budgets and pipeline are private.
V.A Strategy and implementation
verified confidence: medium
Public GTM emphasizes embedding insurance into partner journeys through APIs, portals, fulfillment and servicing.
Evidence gaps
- Private data-room evidence required for complete diligence.
Hidden risks
- Material private records may alter the public-source assessment.
Follow-up questions
- Provide source documents supporting this checklist section.
| channel | examples | motion | gap |
|---|---|---|---|
| bank | ING | embedded insurance in bank customer journey | volumes/economics |
| telco/device | Globe, AIS/Samsung, Singtel | device care/warranty at point of sale | attach/claims |
| auto finance | Stellantis/bolt | auto insurance via brand sites/apps | carrier panel economics |
| agency | AI for Agencies, portals | quote/bind productivity and fulfillment | quota/CAC |
| date | signal | region | importance |
|---|---|---|---|
| 2026-06-11 | ING partnership | Europe | bank channel |
| 2025-09-02 | Globe Flagship Forever | Philippines | telco device |
| 2025-07-07 | AIS/Samsung Care+ | Thailand | OEM/telco |
| 2024-06-18 | Stellantis/bolt embedded insurance | United States | auto finance |
V.B Major Customers
partially verified confidence: medium
Major public partners are named, but relationship trends, pipeline and expansion economics are private.
Evidence gaps
- Private data-room evidence required for complete diligence.
Hidden risks
- Material private records may alter the public-source assessment.
Follow-up questions
- Provide source documents supporting this checklist section.
V.C Principal avenues for generating new business
verified confidence: medium
Avenues include distribution partners, product providers, agency portals, consumer portals and partner referrals.
Evidence gaps
- Private data-room evidence required for complete diligence.
Hidden risks
- Material private records may alter the public-source assessment.
Follow-up questions
- Provide source documents supporting this checklist section.
V.D Sales force productivity model
not publicly verifiable confidence: high
Quota, compensation, sales cycle, productivity and new-hire plan are not public.
Evidence gaps
- Private data-room evidence required for complete diligence.
Hidden risks
- Material private records may alter the public-source assessment.
Follow-up questions
- Provide source documents supporting this checklist section.
| area | public signal | status | request |
|---|---|---|---|
| quota/comp | not public | not_publicly_verifiable | quota/OTE/ramp |
| AI productivity | 3X/2X/+30% claims | partially_verified | methodology/customer cohorts |
| marketing budget | Series C growth use of proceeds | not_publicly_verifiable | budget/CAC/payback |
V.E Ability to implement marketing plan with current and projected budgets
not publicly verifiable confidence: high
Marketing budget and implementation capacity are not public.
Evidence gaps
- Private data-room evidence required for complete diligence.
Hidden risks
- Material private records may alter the public-source assessment.
Follow-up questions
- Provide source documents supporting this checklist section.
06Research and Development
Public evidence shows API, AI and IoT product development, but R&D spend, roadmap and engineering metrics are private.
VI.A Description of R&D organization
partially verified confidence: medium
Leadership page identifies technology and product executives; detailed R&D org and budget are private.
Evidence gaps
- Private data-room evidence required for complete diligence.
Hidden risks
- Material private records may alter the public-source assessment.
Follow-up questions
- Provide source documents supporting this checklist section.
| name | role | public background | gap |
|---|---|---|---|
| David Lynch | Group CTOO | leads technology; prior Standard Chartered/DBS | engineering org |
| Melissa Wong | Group CPO | product innovation/digital transformation | roadmap/release metrics |
| Rob Schimek | Group CEO | global operations/growth | product prioritization governance |
| R&D teams | engineering/product/security/data | products across four continents | headcount/attrition |
VI.B New Product Pipeline
partially verified confidence: medium
Public pipeline signals include AI for Agencies and IoT prevention; cost, dates and validation are private.
Evidence gaps
- Private data-room evidence required for complete diligence.
Hidden risks
- Material private records may alter the public-source assessment.
Follow-up questions
- Provide source documents supporting this checklist section.
| initiative | status | evidence | gap |
|---|---|---|---|
| AI for Agencies | marketed | 3X/2X/+30% claims | methodology/governance |
| Prevention Technology | marketed | IoT sensors; 39%/12% claims | actuarial proof |
| Distribution engine | core platform | single API; 220+ microservices | architecture/SLA |
| roadmap/new products | not public | none captured | board roadmap/R&D budget |
07Management and Personnel
Public leadership is visible; full org chart, HRIS, compensation, stock plans and turnover are private.
VII.A Organization Chart
partially verified confidence: medium
Leadership page provides board/executive names but not a full reporting-line org chart.
Evidence gaps
- Private data-room evidence required for complete diligence.
Hidden risks
- Material private records may alter the public-source assessment.
Follow-up questions
- Provide source documents supporting this checklist section.
VII.B Historical and projected headcount by function and location
not publicly verifiable confidence: medium
Careers page shows global team activity but headcount by function/location is not public.
Evidence gaps
- Private data-room evidence required for complete diligence.
Hidden risks
- Material private records may alter the public-source assessment.
Follow-up questions
- Provide source documents supporting this checklist section.
| function or region | public signal | status | request |
|---|---|---|---|
| global team | products across four continents | partially_verified | headcount by country/function |
| technology/product | CTOO and CPO listed | verified | engineering/product/security headcount |
| sales/partner success | multiple partner launches | partially_verified | implementation staffing |
| historical/projected headcount | not public | not_publicly_verifiable | monthly HRIS and hiring plan |
VII.C Senior management biographies
verified confidence: medium
Senior management and board biographies are public for key leaders.
Evidence gaps
- Private data-room evidence required for complete diligence.
Hidden risks
- Material private records may alter the public-source assessment.
Follow-up questions
- Provide source documents supporting this checklist section.
| name | role | public background | status |
|---|---|---|---|
| Richard Li | Chairman | PCG founder/chairman | verified |
| Rob Schimek | Group CEO | 35+ years insurance leadership | verified |
| Romaney O’Malley | Group CFO | 20+ years insurance finance leadership | verified |
| David Lynch | Group CTOO | bank CIO/CX/innovation background | verified |
| Melissa Wong | Group CPO | digital/product leader | verified |
VII.D Compensation arrangements
not publicly verifiable confidence: high
Employment agreements, compensation, bonus plans and benefits are not public.
Evidence gaps
- Private data-room evidence required for complete diligence.
Hidden risks
- Material private records may alter the public-source assessment.
Follow-up questions
- Provide source documents supporting this checklist section.
| topic | public evidence | status | request |
|---|---|---|---|
| turnover | not public | not_publicly_verifiable | two-year attrition |
| compensation/benefits | not public | not_publicly_verifiable | employment agreements |
| stock plans | not public | not_publicly_verifiable | grant ledger/option pool |
VII.E Incentive stock plans
not publicly verifiable confidence: high
Stock option, RSU, warrant and vesting details are not public.
Evidence gaps
- Private data-room evidence required for complete diligence.
Hidden risks
- Material private records may alter the public-source assessment.
Follow-up questions
- Provide source documents supporting this checklist section.
VII.F Significant employee relations problems, past or present
not publicly verifiable confidence: medium
No employee-relations problem schedule was found publicly.
Evidence gaps
- Private data-room evidence required for complete diligence.
Hidden risks
- Material private records may alter the public-source assessment.
Follow-up questions
- Provide source documents supporting this checklist section.
VII.G Personnel Turnover
not publicly verifiable confidence: high
Turnover data and retention-related benefit plans are not public.
Evidence gaps
- Private data-room evidence required for complete diligence.
Hidden risks
- Material private records may alter the public-source assessment.
Follow-up questions
- Provide source documents supporting this checklist section.
08Legal and Related Matters
Privacy and licensing claims are public; litigation, IP, insurance, contracts and regulatory-action schedules require counsel and private records.
VIII.A Pending lawsuits against the Company
not publicly verifiable confidence: medium
No counsel-grade global docket search was completed; pending lawsuits are not publicly verified.
Evidence gaps
- Private data-room evidence required for complete diligence.
Hidden risks
- Material private records may alter the public-source assessment.
Follow-up questions
- Provide source documents supporting this checklist section.
| case | court | status | request |
|---|---|---|---|
| No specific pending lawsuit captured | not exhaustively searched | not_publicly_verifiable | counsel global docket search |
| employment/customer/partner disputes | possible local/arbitration forums | not_publicly_verifiable | management litigation schedule |
Not evidence of no litigation.
VIII.B Pending lawsuits initiated by Company
not publicly verifiable confidence: medium
No public schedule of lawsuits initiated by bolttech was found.
Evidence gaps
- Private data-room evidence required for complete diligence.
Hidden risks
- Material private records may alter the public-source assessment.
Follow-up questions
- Provide source documents supporting this checklist section.
| matter | forum | status | request |
|---|---|---|---|
| No company-initiated matter captured | not exhaustively searched | not_publicly_verifiable | counsel searches |
| IP/contract/collection matters | possible local/arbitration forums | not_publicly_verifiable | company dispute schedule |
VIII.C Environmental and employee safety issues and liabilities
not publicly verifiable confidence: low
Environmental and safety liabilities were not publicly disclosed; indirect repair/logistics and office obligations need review.
Evidence gaps
- Private data-room evidence required for complete diligence.
Hidden risks
- Material private records may alter the public-source assessment.
Follow-up questions
- Provide source documents supporting this checklist section.
VIII.D Material patents, copyrights, licenses, and trademarks
not publicly verifiable confidence: medium
IP registrations and software ownership were not fully verified from public records.
Evidence gaps
- Private data-room evidence required for complete diligence.
Hidden risks
- Material private records may alter the public-source assessment.
Follow-up questions
- Provide source documents supporting this checklist section.
| asset or license | jurisdiction | public status | request |
|---|---|---|---|
| bolttech trademarks | global | brand use public; registrations not captured | WIPO/IPOS/USPTO/EUIPO searches |
| software/IP ownership | global | product pages show proprietary platform | assignments/open-source scan |
| insurance licenses/appointments | Asia/Europe/US | company claims broad licenses | regulator register extracts |
| Singapore corporate registry | Singapore | CB Insights country; ACRA not captured | ACRA profile/subsidiaries |
VIII.E Insurance coverage and material exposures
not publicly verifiable confidence: high
E&O, cyber, D&O and professional liability coverage are not public.
Evidence gaps
- Private data-room evidence required for complete diligence.
Hidden risks
- Material private records may alter the public-source assessment.
Follow-up questions
- Provide source documents supporting this checklist section.
| area | public evidence | risk | request |
|---|---|---|---|
| privacy/data | claims/payment/KYC/AML/transfers/processors | GDPR/PDPA/security | SOC/ISO, DPIAs, DPAs, incidents |
| insurance licensing | licenses throughout Asia/Europe/all 50 US states claimed | scope/conduct/complaints | counsel license matrix |
| material contracts | partner launches and processors; contracts private | termination/exclusivity/SLA/indemnity | material contract schedule |
| agency actions | not completely searched | hidden enforcement | regulator searches |
VIII.F Material contracts
not publicly verifiable confidence: high
Partner, insurer, supplier, cloud, processor and employment contracts are private.
Evidence gaps
- Private data-room evidence required for complete diligence.
Hidden risks
- Material private records may alter the public-source assessment.
Follow-up questions
- Provide source documents supporting this checklist section.
VIII.G Regulatory agency problems
partially verified confidence: medium
Company license claims and privacy practices are public, but agency actions, complaints and correspondence are not verified.
Evidence gaps
- Private data-room evidence required for complete diligence.
Hidden risks
- Material private records may alter the public-source assessment.
Follow-up questions
- Provide source documents supporting this checklist section.
Evidence
| ID | Claim | Status | Sources |
|---|---|---|---|
| EC-001 | CB Insights lists bolttech as Singapore insurance unicorn valued at US$2.1B, joined 7/1/2021, with Mundi Ventures, Doqling Capital Partners and Activant Capital. | verified high | SRC-001 |
| EC-002 | bolttech closed Series C with US$147M of shares and US$2.1B valuation in June 2025. | verified high | SRC-003 |
| EC-003 | December 2024 Series C announcement said Dragon Funds led a round expected over US$100M at US$2.1B valuation. | verified high | SRC-004 |
| EC-004 | bolttech raised US$196M Series B at US$1.6B valuation led by Tokio Marine with MetLife and Khazanah among investors. | verified high | SRC-005 |
| EC-005 | LeapFrog invested US$50M, extending Series B to US$246M and adding Fernanda Lima to the board. | verified high | SRC-006 |
| EC-006 | Audited financials, revenue, gross margin, cash, burn, runway, debt and customer concentration are not public. | not publicly verifiable high | SRC-002 |
| EC-007 | bolttech markets a cloud platform connecting insurers, partners and end customers through a single API and 220+ microservices. | verified high | SRC-002 |
| EC-008 | bolttech claims US$85B+ quoted premiums, 39 markets, 700+ distribution partners and 7,000+ products. | partially verified medium | SRC-002 |
| EC-009 | Public product suite includes embedded insurance API, agency/consumer/partner portals, enablement and fulfillment. | verified high | SRC-007 |
| EC-010 | AI for Agencies page claims 3X faster quote delivery, 2X call-to-bind conversion and +30% call-routing accuracy. | partially verified medium | SRC-008 |
| EC-011 | Prevention Technology page describes IoT water sensors and claims 39% frequency and 12% severity decreases. | partially verified medium | SRC-009 |
| EC-012 | ING partnership was live in Netherlands, Italy, Poland and Belgium, with additional markets in pipeline. | verified high | SRC-013 |
| EC-013 | Globe and bolttech launched Flagship Forever device upgrade/protection in the Philippines. | verified high | SRC-014 |
| EC-014 | AIS, Samsung and bolttech launched AIS Care+ with Samsung Care Services; bolttech powers device care solutions. | verified high | SRC-015 |
| EC-015 | Singtel and bolttech launched extended warranty in Singapore with public starting prices of SGD46 and SGD111. | verified high | SRC-016 |
| EC-016 | Stellantis/bolt announcement cites 100+ insurance providers, US$50B+ quoted premiums, 6,000 product variations and licenses across all 50 U.S. states. | partially verified medium | SRC-017 |
| EC-017 | Leadership page lists Richard Li, Rob Schimek, Romaney O’Malley, David Lynch and Melissa Wong in board/executive roles. | verified high | SRC-011 |
| EC-018 | Careers page describes a global team working on products across four continents but does not disclose headcount or attrition. | partially verified medium | SRC-012 |
| EC-019 | Privacy notice discloses processing of claims, payment, KYC/AML, sanctions, candidate and business-partner data, with third-party providers and transfers. | verified high | SRC-010 |
| EC-020 | Exact legal-entity map, insurance license schedule, complaints and regulatory correspondence are not publicly verified. | not publicly verifiable medium | SRC-022 |
| EC-021 | Cover Genius and Extend market overlapping embedded protection, API, warranty and claims capabilities. | verified medium | SRC-018SRC-019 |
| EC-022 | Market framing includes $70B+ embedded-insurance addressable market and US$1.8T protection-gap claims. | partially verified medium | SRC-004SRC-006 |
| EC-023 | Public sources reviewed support active private status; no IPO, acquisition of bolttech or shutdown evidence was found in this pass. | partially verified medium | SRC-003SRC-013SRC-001 |
| EC-024 | Richard Li/PCG and multiple strategic investors are public, but ownership percentages and control rights are private. | partially verified medium | SRC-011 |
| EC-025 | Customer revenue concentration, partner economics, churn, attach rates and supplier concentration are not public. | not publicly verifiable high | SRC-002 |
| EC-026 | Platform pricing, take rates, commissions and gross margins are private; only selected Singtel program prices were public. | partially verified medium | SRC-016 |
| EC-027 | R&D roadmap, costs and engineering metrics are not public beyond marketed API, AI and IoT capabilities. | not publicly verifiable high | SRC-011 |
| EC-028 | Material IP, patents, pending litigation and agency-action searches were not fully verified in this public-source pass. | not publicly verifiable medium | SRC-020SRC-021SRC-022SRC-023 |
| EC-029 | Data-security diligence is material because bolttech handles payment, claims, KYC/AML and cross-border personal data through processors. | verified high | SRC-010 |
| EC-030 | Named partner announcements across ING, Globe, AIS/Samsung, Singtel and Stellantis show GTM momentum but not revenue quality. | verified high | SRC-013SRC-014SRC-015SRC-016SRC-017 |
Disclaimer
This report is a public-evidence diligence snapshot, not investment advice. Important financial, legal, technical, and contractual facts remain non-public and should be verified directly with management and primary documents before any investment decision.