Paris based Shift Technology, which provides AI solutions for the insurance sector, 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. The round was led by Advent International, through Advent Tech.
“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,” stated Jeremy Jawish, CEO and co-founder, Shift Technology. “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 plans to use the funding to build its global presence in key geographies, expand in the property and casualty (P&C) and health insurance sectors. The funding will also be used for R&D into new solutions around automation and optimisation requirement for insurers.
“Since its founding in 2014, Shift has made a name for itself in the complex world of insurance,” said Thomas Weisman, a Director on Advent’s technology investment team in London. “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.”