Shift Technology: $60 million in Series C financing round
Berlin/Paris — Shift Technology, a provider of AI solutions for fraud identification and claims processing in the global insurance industry, successfully closes its Series C funding round of $60 million. In total, $100 million has flowed into the company since its inception.
The financing round was led by Bessemer Venture Partners. In addition, legacy investors Accel, General Catalyst and Iris Capital are re-investing in the French-American startup. With the fresh capital, Shift intends to expand its global presence — with a focus on the U.S. and Japanese markets — as well as invest in research and development and further product development.
“We are very excited to be working with the Shift team. The company has built a powerful AI platform that is transforming the insurance market, and we are confident that this is just the beginning,” said Charles Birnbaum, Partner at Bessemer Venture Partners. “The Shift team has already had great success with providers around the world and we look forward to supporting them in their next phase of growth. Digital transformation is in full swing in the insurance industry and Shift will help its customers master it.”
Since its founding in 2014, Shift Technology has demonstrated exceptional growth worldwide. The company now employs more than 200 people and serves its customers in Europe, Asia and the USA from its Paris headquarters and other offices in Boston, Tokyo, London, Hong Kong, Madrid, Singapore and Zurich.
FORCE, Shift’s fraud detection solution, is used by insurers around the world for many different areas. The solution gives fraud investigators a powerful platform. With the help of FORCE, insurers can also increase their capacity and process claims more efficiently.
Shift plans to use the cash infusion to further expand its fraud identification solution. The focus is on automating the entire claims processing for insurance carriers and their customers. In this way, insurance groups can offer their customers outstanding customer service and process cases faster and better than before. AXA Spain, a long-time Shift customer and early adopter of the Shift solution, is already benefiting from automation innovations.
In addition to new product innovation, Shift plans to use this round of funding to develop rapid go-to-market strategies in key regions. The company continues to expand its U.S. offices in Boston and its offices in Tokyo, and plans to create new positions for data scientists, developers, and sales and marketing managers. In just over four years, the company has won many of the world’s leading insurers as customers. The list includes 70 customers from 25 countries, including AG2R-LA MONDIALE, Credit Agricole Pacifica, Harmonie Mutuelle Groupe VYV, Liberty Mutual, MACIF, MS&AD Insurance, Spirica, the General Insurance Association from Singapore or the Hong Kong Federation of Insurers.
“I’m very proud of what our team — with the support of our great board of directors and supervisory board — has been able to pull off in this relatively short period of time,” added Jeremy Jawish, CEO and co-founder of Shift Technology. “Our AI technology helps leading insurance groups become more efficient and error-free. We support companies in their digital transformation strategies and help them increase customer satisfaction. We strongly believe that Artificial Intelligence can assist in many areas of claims processing and improve the entire insurance policy lifecycle. With this investment, we are well positioned for the next phase of growth and advancement.”
About Shift Technology
Shift Technology offers the only native AI fraud identification and automation solution for claims processing in the global insurance industry. Our SaaS solution uncovers individual and broader fraud with twice the accuracy of other solutions on the market, helping insurers make faster and more accurate decisions. Shift was named to the 2018 Global AI Top 100 list by CB Insight. www.shift-technology.com
About Bessemer Venture Partners
Bessemer Venture Partners is an early-stage investor with the most experience worldwide. The portfolio includes more than 200 companies. Bessemer helps visionary entrepreneurs build their companies on a stable foundation and supports them in every further phase of growth. The firm has supported more than 120 IPOs, including those of Shopify, Yelp, LinkedIn, Skype, LifeLock, Twilio, SendGrid, DocuSign, Wix or MindBody. Bessemer’s total of 15 partners operate in Silicon Valley as well as San Francisco, New York City, Boston, Israel and India. www.bvp.com
About Iris Capital
Iris Capital is a European venture capital firm specializing in the digital economy. Iris Capital invests in companies at various stages of growth, from startups to late-stage and growth players. Due to its particular specialization in individual industries and over 30 years of experience, as well as the support of its corporate sponsors, Iris Capital actively accompanies the companies in its own portfolio. Iris Capital has offices in Paris, Berlin, San Francisco, Tel Aviv, Tokyo and Dubai.
IrisNext is a fund of Iris Capital, backed as investors by leading companies such as Orange, Publicis, Valeo and Bridgestone, as well as financial investors and institutions such as Bpifrance and BRED Banque Populaire. Its holdings include Adjust, Careem, HappyCar, Kyriba, Open-Xchange, Mojio, ReBuy, Scality, Searchmetrics, Shift Technology, Studitemps, Talend, Talon.One and Unu Motors. www.iriscapital.com