{"id":42651,"date":"2019-03-06T20:14:58","date_gmt":"2019-03-06T18:14:58","guid":{"rendered":"https:\/\/newserver.fyb.de\/shift-technology-60-million-in-series-c-financing-round\/"},"modified":"2019-03-06T20:14:58","modified_gmt":"2019-03-06T18:14:58","slug":"shift-technology-60-million-in-series-c-financing-round","status":"publish","type":"post","link":"https:\/\/www.fyb.de\/en\/shift-technology-60-million-in-series-c-financing-round\/","title":{"rendered":"Shift Technology: $60 million in Series C financing round"},"content":{"rendered":"

Berlin\/Paris \u2014 Shift Tech\u00adno\u00adlogy<\/strong>, a provi\u00adder of AI solu\u00adti\u00adons for fraud iden\u00adti\u00adfi\u00adca\u00adtion and claims proces\u00adsing in the global insu\u00adrance indus\u00adtry<\/strong>, successfully closes its Series C funding round of $60 million. In total, $100 million has flowed into the company since its inception.<\/p>\n

The finan\u00adcing round was led by Besse\u00admer Venture Part\u00adners<\/strong>. In addi\u00adtion, legacy inves\u00adtors Accel, Gene\u00adral Cata\u00adlyst <\/strong>and Iris Capi\u00adtal<\/strong> are re-inves\u00adt\u00ading in the French-Ameri\u00adcan startup. With the fresh capi\u00adtal, Shift intends to expand its global presence \u2014 with a focus on the U.S. and Japa\u00adnese markets \u2014 as well as invest in rese\u00adarch and deve\u00adlo\u00adp\u00adment and further product development.<\/p>\n

\u201cWe are very exci\u00adted to be working with the Shift team. The company has built a powerful AI plat\u00adform that is trans\u00adforming the insu\u00adrance market, and we are confi\u00addent that this is just the begin\u00adning,\u201d said Charles Birn\u00adbaum, Part\u00adner at Besse\u00admer Venture Part\u00adners<\/strong>. \u201cThe Shift team has alre\u00adady had great success with provi\u00adders around the world and we look forward to support\u00ading them in their next phase of growth. Digi\u00adtal trans\u00adfor\u00adma\u00adtion is in full swing in the insu\u00adrance indus\u00adtry and Shift will help its custo\u00admers master it.\u201d<\/p>\n

Since its foun\u00adding in 2014, Shift Tech\u00adno\u00adlogy has demons\u00adtra\u00adted excep\u00adtio\u00adnal growth world\u00adwide. The company now employs more than 200 people and serves its custo\u00admers in Europe, Asia and the USA from its Paris head\u00adquar\u00adters and other offices in Boston, Tokyo, London, Hong Kong, Madrid, Singa\u00adpore and Zurich.<\/p>\n

FORCE, Shif\u00adt\u2019s fraud detec\u00adtion solu\u00adtion, is used by insu\u00adr\u00aders around the world for many diffe\u00adrent areas. The solu\u00adtion gives fraud inves\u00adti\u00adga\u00adtors a powerful plat\u00adform. With the help of FORCE, insu\u00adr\u00aders can also increase their capa\u00adcity and process claims more efficiently.<\/p>\n

Shift plans to use the cash infu\u00adsion to further expand its fraud iden\u00adti\u00adfi\u00adca\u00adtion solu\u00adtion. The focus is on auto\u00adma\u00adting the entire claims proces\u00adsing for insu\u00adrance carri\u00aders and their custo\u00admers. In this way, insu\u00adrance groups can offer their custo\u00admers outstan\u00adding custo\u00admer service and process cases faster and better than before. AXA Spain, a long-time Shift custo\u00admer and early adop\u00adter of the Shift solu\u00adtion, is alre\u00adady bene\u00adfiting from auto\u00adma\u00adtion innovations.<\/p>\n

In addi\u00adtion to new product inno\u00adva\u00adtion, Shift plans to use this round of funding to deve\u00adlop rapid go-to-market stra\u00adte\u00adgies in key regi\u00adons. The company conti\u00adnues to expand its U.S. offices in Boston and its offices in Tokyo, and plans to create new posi\u00adti\u00adons for data scien\u00adtists, deve\u00adlo\u00adpers, and sales and marke\u00adting mana\u00adgers. In just over four years, the company has won many of the worl\u00add\u2019s leading insu\u00adr\u00aders as custo\u00admers. The list includes 70 custo\u00admers from 25 count\u00adries, inclu\u00adding AG2R-LA MONDIALE, Credit Agri\u00adcole Paci\u00adfica, Harmo\u00adnie Mutu\u00adelle Groupe VYV, Liberty Mutual, MACIF, MS&AD Insu\u00adrance, Spirica, the Gene\u00adral Insu\u00adrance Asso\u00adcia\u00adtion from Singa\u00adpore or the Hong Kong Fede\u00adra\u00adtion of Insurers.<\/p>\n

\u201cI\u2019m very proud of what our team \u2014 with the support of our great board of direc\u00adtors and super\u00advi\u00adsory board \u2014 has been able to pull off in this rela\u00adtively short period of time,\u201d added Jeremy Jawish, CEO and co-foun\u00adder of Shift Tech\u00adno\u00adlogy. \u201cOur AI tech\u00adno\u00adlogy helps leading insu\u00adrance groups become more effi\u00adci\u00adent and error-free. We support compa\u00adnies in their digi\u00adtal trans\u00adfor\u00adma\u00adtion stra\u00adte\u00adgies and help them increase custo\u00admer satis\u00adfac\u00adtion. We stron\u00adgly believe that Arti\u00adfi\u00adcial Intel\u00adli\u00adgence can assist in many areas of claims proces\u00adsing and improve the entire insu\u00adrance policy life\u00adcy\u00adcle. With this invest\u00adment, we are well posi\u00adtio\u00adned for the next phase of growth and advancement.\u201d<\/p>\n

About Shift Technology<\/strong>
\nShift Tech\u00adno\u00adlogy offers the only native AI fraud iden\u00adti\u00adfi\u00adca\u00adtion and auto\u00adma\u00adtion solu\u00adtion for claims proces\u00adsing in the global insu\u00adrance indus\u00adtry. Our SaaS solu\u00adtion unco\u00advers indi\u00advi\u00addual and broa\u00adder fraud with twice the accu\u00adracy of other solu\u00adti\u00adons on the market, helping insu\u00adr\u00aders make faster and more accu\u00adrate decis\u00adi\u00adons. Shift was named to the 2018 Global AI Top 100 list by CB Insight. www.shift-technology.com<\/p>\n

About Besse\u00admer Venture Partners<\/strong>
\nBesse\u00admer Venture Part\u00adners is an early-stage inves\u00adtor with the most expe\u00adri\u00adence world\u00adwide. The port\u00adfo\u00adlio includes more than 200 compa\u00adnies. Besse\u00admer helps visio\u00adnary entre\u00adpre\u00adneurs build their compa\u00adnies on a stable foun\u00adda\u00adtion and supports them in every further phase of growth. The firm has supported more than 120 IPOs, inclu\u00adding those of Shop\u00adify, Yelp, Linke\u00addIn, Skype, LifeL\u00adock, Twilio, Send\u00adGrid, Docu\u00adSign, Wix or Mind\u00adBody. Besse\u00admer\u2019s total of 15 part\u00adners operate in Sili\u00adcon Valley as well as San Fran\u00adcisco, New York City, Boston, Israel and India. www.bvp.com<\/p>\n

About Iris Capital<\/strong>
\nIris Capi\u00adtal is a Euro\u00adpean venture capi\u00adtal firm specia\u00adli\u00adzing in the digi\u00adtal economy. Iris Capi\u00adtal invests in compa\u00adnies at various stages of growth, from start\u00adups to late-stage and growth play\u00aders. Due to its parti\u00adcu\u00adlar specia\u00adliza\u00adtion in indi\u00advi\u00addual indus\u00adtries and over 30 years of expe\u00adri\u00adence, as well as the support of its corpo\u00adrate spon\u00adsors, Iris Capi\u00adtal actively accom\u00adpa\u00adnies the compa\u00adnies in its own port\u00adfo\u00adlio. Iris Capi\u00adtal has offices in Paris, Berlin, San Fran\u00adcisco, Tel Aviv, Tokyo and Dubai.
\nIris\u00adNext is a fund of Iris Capi\u00adtal, backed as inves\u00adtors by leading compa\u00adnies such as Orange, Publi\u00adcis, Valeo and Bridge\u00adstone, as well as finan\u00adcial inves\u00adtors and insti\u00adtu\u00adti\u00adons such as Bpifrance and BRED Banque Popu\u00adlaire. Its holdings include Adjust, Careem, Happy\u00adCar, Kyriba, Open-Xchange, Mojio, ReBuy, Scality, Searchme\u00adtrics, Shift Tech\u00adno\u00adlogy, Studi\u00adtemps, Talend, Talon.One and Unu Motors. www.iriscapital.com<\/p>\n","protected":false},"excerpt":{"rendered":"

Berlin\/Paris \u2014 Shift Tech\u00adno\u00adlogy, a provi\u00adder of AI solu\u00adti\u00adons for fraud iden\u00adti\u00adfi\u00adca\u00adtion and claims proces\u00adsing in the global insu\u00adrance indus\u00adtry, successfully closes its Series C funding round of $60 million. In total, $100 million has flowed into the company since its incep\u00adtion. The finan\u00adcing round was led by Besse\u00admer Venture Part\u00adners. In addi\u00adtion, legacy investors [\u2026]<\/p>\n","protected":false},"author":2,"featured_media":42658,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"wp_typography_post_enhancements_disabled":false,"footnotes":""},"categories":[886,1364,1366],"tags":[],"class_list":["post-42651","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-en","category-featured-en","category-news-en","news-category-venture-capital-news"],"yoast_head":"\nShift Technology: $60 million in Series C financing round - FYB Financial Yearbook<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fyb.de\/en\/shift-technology-60-million-in-series-c-financing-round\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shift Technology: $60 million in Series C financing round - FYB Financial Yearbook\" \/>\n<meta property=\"og:description\" content=\"Berlin\/Paris \u2014 Shift Tech\u00adno\u00adlogy, a provi\u00adder of AI solu\u00adti\u00adons for fraud iden\u00adti\u00adfi\u00adca\u00adtion and claims proces\u00adsing in the global insu\u00adrance indus\u00adtry, successfully closes its Series C funding round of $60 million. 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