The software developer has been valued at more than $1bn after raising $220m in Series D funding.
Shift Technology, which develops AI for insurance fraud detection, has raised $220m in funding, making it the latest European start-up to hit unicorn status.
The Series D funding round was led by Advent International, through Advent Tech, with participation from Avenir and others. Previous Series C participants Accel, Bessemer Venture Partners, General Catalyst, and Iris Capital also joined the round.
The latest funding round brings total investment in Shift to $320m, having previously raised $100m in March 2019. It gives the company a market valuation of more than $1bn.
‘We have only just scratched the surface of what is possible’
– JEREMY JAWISH
Founded in France in 2014, Shift Technology was initially known for fraud detection and claims automation software.
The company has offices in Paris, Boston, Tokyo, London, Madrid, Zurich, Singapore, Toronto, Sao Paulo and Hong Kong.
At the beginning of this year, the start-up launched Shift Insurance Suite, which brings its AI-based decision automation technology to other processes such as underwriting, subrogation and compliance.
The company now serves more than 100 customers in 25 different countries and said it has analysed nearly 2bn claims to date.
Shift Technology’s CEO and co-founder, Jeremy Jawish, said the team has worked tirelessly provide insurers with the technology solutions they need.
“We have only just scratched the surface of what is possible when AI-based decision automation and optimisation is applied to the critical processes that drive the insurance policy lifecycle,” he said.
The company said the latest investment will allow it to expand its presence in key locations including the US, Europe and Asia. The funding will also drive R&D efforts in the creation of new solutions for the insurance industry.
Thomas Weisman, a director on Advent’s technology investment team in London, said Shift has made a name for itself in the insurance world since it was first founded.
“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,” he said.