Shift Technology Joins the Unicorn Club by Securing $220 Million in Investmentby Fintechnews Switzerland May 7, 2021
Shift Technology, a France-based SaaS provider of AI-driven decision automation and optimisation solutions for the insurance industry, announced that it has closed a Series D investment round of $220 million.
The latest funding round brings total investment in Shift to $320 million and a market valuation of more than $1 billion. This investment marks Advent’s sixth growth equity investment this year.
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.
With this latest round of funding Shift will 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.
Initially known for its award-winning 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 critical 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.
“Since its founding in 2014, Shift has made a name for itself in the complex world of insurance.
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.”
said Thomas Weisman, a Director on Advent’s technology investment team in London.
“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 optimisation is applied to the critical processes that drive the insurance policy lifecycle.”
stated Jeremy Jawish, CEO and co-founder, Shift Technology.
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