Shift Technology closes $28m funding round
Written by Chris Lemmon
Shift Technology, a software-as-a-service platform that uses artificial intelligence to help insurers detect fraud, has announced a $28 million Series B investment co-led by Accel and General Catalyst, with participation from previous investors Elaia Partners and Iris Capital.
The FinTech firm has more than doubled in headcount in the past year and has grown its revenue base by over 800 per cent. It also successfully launched its healthcare solution, which has already treated 300 million health claims in France with providers including AG2R La Mondiale.
Shift Technology will use the funds to open offices in two key strategic markets, New York and Tokyo in Q1 2018, where it already has seen strong demand. The company will also use the funds to bolster the team and build out the product. It will scale new fraud detection products for Life Insurance and Workers’ Compensation, which have already seen strong success among early adopters, and fund a new research programme.
Shift Technology co-founder and CEO, Jeremy Jawish, said: “We’ve seen strong demand globally since our launch, and we’re excited to be able to expand our offering further internationally. The US and Japan are two of the biggest insurance markets in the world, and there is a huge opportunity to help their insurers detect fraud as effectively as possible.”
Accel Partner Brian O’Malley added: “Instead of trying to replace today’s leaders, software companies like Shift help incumbents leverage their decades of domain knowledge with the latest advancements in artificial intelligence and machine learning—making them more nimble and efficient. We’re excited to once again partner with Jeremy and the broader Shift team and support them on their journey into the US and beyond.”