Shift Technology is raising a Series B round of $28 million from Accel and General Catalyst. Accel had already led the company’s previous round. Existing investors Elaia Partners and Iris Capital are also participating in today’s round.
And it seems like the startup has grown quite a lot since my last article. Shift Technology has now processed more than 100 million claims and revenue has grown by over 800 percent.
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.
While there are a ton of fraudulent claims, there are sometimes hard to spot. And it also requires a lot of resources to look at all claims.
Shift Technology has convinced 45 companies that they should spend a bit of money on a startup so that they could save a lot of money. It’s an easy sell and I’m not surprised that dozens of companies are now relying on Shift Technology. The startup has also expanded to healthcare products and is working with AG2R La Mondiale.
With today’s funding round, Shift Technology plans to open an office in New York and another one in Tokyo. This way, the startup could get clients in other markets and expand to new industries.