Shepherd, an AI-native commercial insurance platform, announced a $42 million Series B round led by Intact Private Capital, with participation from Spark Capital, Costanoa Ventures and additional investors. The raise brings Shepherd’s total funding to $67 million.

Shepherd insures the physical infrastructure for leading AI and technology companies building frontier data centers, semiconductor facilities, and energy assets. The company’s AI aims to reduce underwriting feedback and integrates real-time data from construction technology partners directly into underwriting. The company also offers incident tracking, quality inspection rates, document management, and jobsite conditions updated continuously.

“The AI race moved from the cloud to the construction site,” said Shepherd CEO and Co-Founder Justin Levine. “Every GPU cluster needs a building. Every building needs to be constructed. Every data center requires dedicated power. And the insurance market that is supposed to keep those projects moving has been operating the same way for decades. We built Shepherd because we believed the old approach to commercial underwriting needed to change fundamentally — not just get faster, but get smarter.”

Source: Shepherd