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Shift Technology raises $220M and becomes the new French unicorn

#Levée de fonds #Startup

Paris&Co alumni startup Shift Technology has raised $220 million in a fourth round of funding, valuing it at over $1 billion.

 

Founded in 2014, Shift Technology provides artificial intelligence-based decision automation and optimization solutions for the insurance industry. At the outset, the aim was to facilitate the customer compensation process offered by insurance companies in the event of a claim - water damage, car accident, etc.  During its first year of existence, Shift Technology decided to go further by offering a decision-making aid for insurers. "We now offer automated closure of claims files or the detection of underwriting fraud" explains Jeremy Jawish, CEO of Shift Technology.

 

Since its inception, Shift Technology says it has analyzed 2 billion claims. "We receive data from insurers, as well as some public data about the claimant. Our algorithms read, among other things, the statement of claim before determining whether to file a claim or perform a check for money laundering," Jérémy Jawish illustrates.

 

Shift Technology announced on Thursday, May 6, a fourth round of financing of $220 million (approximately €183.2 million), from Advent International, Avenir Growth, Accel, Bessemer Venture Partners, General Catalyst, Iris Capital and Bpifrance. Thanks to this successful round, Shift Technology joins Voodoo, becoming the second unicorn supported by Paris&Co.

 

This new funding should enable the startup to "structure" its R&D to offer more services. It also aims to continue its expansion in the UK and the US. Within two years, Shift Technology intends to become "the world's largest data science center dedicated to the insurance sector" by recruiting new data scientists to satisfy its clients, which include La Banque Postale, Axa Insurance, MS&AD and FWD Group.

 

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