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Shift Technology uses AI to mitigate insurance fraud and today announced a $28 million series B funding round to grow its business.
The Paris-based startup will use the fresh infusion of cash to expand its footprint to New York and Tokyo in the first quarter of next year. The company is making that move to be closer to customers in two of the world’s largest insurance markets. It already has offices in London, Singapore, Hong Kong, and Zurich.
In addition, Shift is working to scale its workers’ compensation and life insurance products to new customers and is building out a research organization to improve the insurance claims process.
Shift offers a product called Force that uses artificial intelligence (AI) to help insurance fraud specialists better detect behavior that is indicative of fraud.
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Since its founding in 2014, Shift has picked up 45 clients globally, including AG2R La Mondiale in France. Over the past year, the company grew its revenue by 800 percent and doubled its headcount.
Accel Partners and General Catalyst co-led the round, which included participation from past investors Elaia Partners and Iris Capital. This funding comes almost a year and a half after Shift’s $10 million series A, which was also led by Accel.
