AI-powered InsurTech Shift Technology is powering on with its expansion plans following a $60m Series C funding round led by Bessemer Venture Partners.
The round, which was joined by previous investors Accel, General Catalyst and Iris Capital, brought Shift’s total investment to $100m.
The company has planned to use the funding the support its R&D and product development as well as its global expansion especially in the US and Japan.
Shift has been expanding both its US headquarters in Boston and its offices in Tokyo. The company also revealed a new recruitment drive including plans to hire new data scientists, and developers as well as sales and marketing professionals.
Founded in 2014, the Shift Technology uses AI and SaaS technology to help insurance companies detect fraud. The platform is able to analyse and score claims made, making real-time alerts to fraud prevention handlers for any suspicious claims made.
The Paris-headquartered company also offers a claim automation solution which helps to streamline processes from the initial claim filling through to payout, reducing handling time from weeks to minutes.
Bessemer partner Charles Birnbaum said, “We are thrilled to partner with the Shift team. They have built a powerful AI platform that is transforming the insurance market and we are confident that they are just getting started”.
“The Shift team has already had a great deal of success with carriers all over the world and we are excited to support their next phase of growth as they help their customers navigate the digital transformation that is now in full swing in this industry.”
The company previously raised $28m in its Series B round co-led by Accel and General Catalyst. Shift also secured a $10m Series A funding round also led by Accel.
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