Shift Technology secures $220 million in a Series D round
Shift Technology , a SaaS provider of artificial intelligence (AI)-driven decision automation and optimization solutions for the global insurance industry, announced the company closed a Series D investment round of $220 million. The 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 $320 million and a market valuation of more than $1 billion.
Initially known for its fraud detection and claims automation software, in January 2021 the company introduced the Shift Insurance Suite to enable insurers to apply AI-based decision automation and optimization technology to an even wider array of processes across the policy lifecycle, including underwriting, subrogation, and compliance. The company now serves more than 100 customers in 25 different countries and has analyzed nearly two billion claims to date.
Shift plans to use this investment to expand its presence in key geographies including the U.S., Europe, and Asia. In the U.S., the company will look to further penetrate the property and casualty (P&C) insurance market as well as expand into the health insurance sector, an area in which Shift sees a large opportunity. The funding will also be used to drive R&D efforts in the creation of new solutions to address emerging decision automation and optimization requirements for forward-thinking insurers.
“The entire Shift team has worked tirelessly to build this company and provide insurers with the technology solutions they need to empower employees to best be there for their policyholders. We are thrilled to partner with Advent International, given their considerable sector expertise and global reach and are taking another giant step forward with this latest investment. We have only just scratched the surface of what is possible when AI-based decision automation and optimization is applied to the critical processes that drive the insurance policy lifecycle.” – Jeremy Jawish, CEO and co-founder, Shift Technology.