Paris-based insurance artificial intelligence provider Shift Technology successfully raised $220 million in a recent Series D funding round. Following the investment round, the company is now valued at more than $1 billion, reports Reuters. In total, the startup has now raised around $320 million.
The Series D investment round was led by Advent International through Advent Tech. Other companies who participated in the funding round include Accel, Avenir, Bessemer, Venture Partners, General Catalyst, and Iris Capital.
Shift Technology is an artificial intelligence-based SaaS insurance provider located in Paris, France. Founded in 2014, this startup is now considered one of the major players in the world of insurance, notes Pymnts.
Shift Technology’s systems work by feeding data to its machine learning algorithms, reveals Tech Crunch. This makes it easier for the company to review claims in a more automated manner with the help of artificial intelligence.
Speaking about its partnership with the French startup, Advent director Thomas Weisman said in a press release that “Since its founding in 2014, Shift has made a name for itself in the complex world of insurance. Shift’s advanced suite of SaaS products is helping insurers to reshape manual and often time-consuming claims processes in a safer and more automated way. We are proud to be part of this exciting company’s next wave of growth.”
According to Tech Crunch, the company specializes in different insurance-related cases. These include claims automation, claims fraud, financial crime detection, subrogation detection, and underwriting.
As of writing, Pymnts states that the AI insurance startup has extended its services to over 100 customers across 25 countries. Moreover, it has also overseen approximately two billion claims.
It counts AXA, FWD Group, Generali France, as well as Mitsui Sumitomo, as some of its most famous clientele.
Following the $220 million fresh funding, Shift Technology plans to expand its services to different parts of the globe, with particular concentration in Asia, Europe, and the United States, notes Pymnts.
Meanwhile, Tech Crunch states that the startup intends to boost its services in the casualty and property insurance sector where it has already successfully permeated the market. However, Shift Technology also intends to venture into health insurance and fraud detection for travel insurance purposes.
In a statement, chief executive officer and co-founder of Shift Technology Jeremy Jawish said, “This includes products specifically designed for the health insurance market to help avoid improper payments. We’ll also use the funding to support staffing with a particular focus on building out our team of data scientists.”
