Shift Technology, a Paris, France-based provider of AI-native solutions for the global insurance industry, closed a $60m Series C funding.
The round, which brought total funding to $100m, was led by Bessemer Venture Partners with participation from Accel, General Catalyst and Iris Capital.
The company intends to use the funds to continue expansion, bolstering its existing global presence, particularly in the US and Japanese markets, as well as R&D and new product development.
Founded in 2014 by Jeremy Jawish, CEO, Shift Technology provides SaaS, based AI-native fraud detection and claims automation solutions built specifically for the global insurance industry. FORCE, its fraud detection tool, is in use by insurers around the world across all lines of business. The platform has analyzed hundreds of millions of claims to identify potential fraud, giving fraud handlers a decision-making platform speciﬁcally designed to scale their capacity and add efficiency to claims processing.
The company has more than 200 employees in Paris, Boston, Tokyo, Toronto, London, Hong Kong, Madrid, Singapore and Zurich.
Shift Technology serves AG2R LA MONDIALE, CNA Financial Corporation, Credit Agricole Pacifica & Spirica, Covéa, Harmonie Mutuelle Groupe VYV, Liberty Mutual, MACIF, MS&AD Insurance Group, P&V Group, and the General Insurance Association of Singapore and the Hong Kong Federation of Insurers, among more than 70 clients in over 25 countries.