Shift Technology lands $60m funding for AI ambitions
Artificial intelligence (AI) solutions provider Shift Technology has closed a C-round investment of $60 million, bringing its total investment to $100 million.
Expansion plans in US and Japan
Bessemer Venture Partners led the round and was joined by previous investors including Accel, General Catalyst and Iris Capital.
The investment will support its expansion plans for its US headquarters in Boston and its offices in Tokyo. It also plans to hire for positions including data scientists, developers, and sales and marketing staff.
Jeremy Jawish, CEO and co-founder, Shift Technology, says: “We strongly believe that AI can benefit so many more aspects of the claims process and of the insurance policy lifecycle overall. With this investment, we’re well positioned for our next phase of growth and development.”
The firm was founded in 2014. It has more than 200 employees in its headquarters in Paris and offices in Boston, Tokyo, London, Hong Kong, Madrid, Singapore, Toronto and Zurich.
Shift’s fraud detection solution, called Force, analyses hundreds of millions of claims to identify potential fraud.
It has more than 70 clients in over 25 countries. Some of the names include AXA Spain, CNA Financial Corporation, Credit Agricole Pacifica & Spirica, Covéa, Harmonie Mutuelle Groupe VYV, Liberty Mutual, Macif, MS&AD Insurance Group, P&V Group, the General Insurance Association of Singapore, and the Hong Kong Federation of Insurers.
