Paris-based startup Shift Technology announced that it raised $28 Million through a series B fundraising round. Accel Partners and General Catalyst co-led the round, which included participation from past investors Elaia Partners and Iris Capital. This round of funding comes almost a year and a half after Shift’s $10 million series A.
The funds will be used to help grow Shift’s business using AI to detect and subsequently mitigate insurance fraud. The company also aims to expand its offices to New York and Tokyo in the first quarter of 2018, thus getting closer to customers in two of the world’s largest insurance markets.
This will also help the company expand its international operations. Shift already has offices in London, Singapore, Hong Kong and Zurich.
Apart from this, Shift is working to scale its products for workers’ compensation and life insurance to new customers and building out a research organization that will work on improving the insurance claims process.
Shift Technology uses artificial intelligence and huge data sets to detect patterns and flag fraudulent insurance claims. It is a software-as-a-service platform designed for insurance companies. The company’s core product is called Force.
Since its founding in 2014, Shift Technology has picked up 45 clients globally, including AG2R La Mondiale in France. Over the past year the company doubled its headcount as its revenue grew 800 percent. Shift Technology has now processed more than 100 million claims.