Paris, France-headquartered insurance startup Shift Technology has raised US$60 million in new venture financing that will be used to help grow the reach of its AI and big data technology, which has been designed to help carriers detect fraud during the claims process. The company also plans to expand its US offices in Boston, and its offices in Tokyo, Japan, hiring data scientists, developers and sales and marketing professionals.
Shift said that funding will assist in the development of more products to mitigate the growing risk of fraud and other unique challenges that face high-volume, low-touch claims analysis. It is expected this will enable carriers to improve the customer experience by delivering processing at greater scale than previously possible.
Charles Birnbaum, a partner at Bessemer Venture Partners, which led the Series C financing round, said that his firm is excited to back Shift’s ‘next phase of growth as they help their customers navigate the digital transformation that is now in full swing in this industry’. Jeremy Jawish, CEO and Co-Founder of Shift, said that the new financing round has left the company well positioned for its next phase of growth and development.