Shift Technology raised a whopping $220 million in new venture investment designed to advance its products and services that rely on artificial intelligence and big data technology to optimize carrier processes.
Plans call for expanding further in the U.S., Europe, Asia and other key geographies. In the U.S. in particular, the company hopes to expand its presence in the P/C insurance market and also access the health insurance sector – where Shift sees big opportunities ahead. Additionally, the cash infusion will drive R&D efforts for new products.
Advent International – one of the largest and most experienced global private equity investors – led the Series D round through Advent Tech, with participation from Avinir and others. Previous Series C participants Accel, Bessemer Venture Partners, General Catalyst and Iris Capital also participated.
“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,” Jeremy Jawish, Shift Technology’s CEO and co-founder, said in prepared remarks. “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.”
Shift was initially known for fraud detection and claims automation software. In January 2021, the company introduced the Shift Insurance Suite, which is designed to help insurers use AI-based decision automation and optimization technology for underwriting, subrogation, compliance and other critical processes in a policy lifecycle. Shift claims to serve more than 100 customers in 25 different countries and said it has analyzed nearly two billion claims to date.
Including the new round, Shift has raised $320 million to date and claims to have a market valuation of more than $1 billion.
Launched in 2014 in Paris, France, the company now has offices in several global locations including Boston, Tokyo, London, Madrid, Singapore and Hong Kong.
Source: Shift Technology