Shift Technology: $60 million in Series C financing round

Cate­gory: Venture Capi­tal
6. March 2019

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.

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.

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.

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