Total amount raised
$320 Millions
Latest funding date
11/01/2021
Location
Shift Technology has successfully raised funding through multiple rounds, with the latest being a Series D round closed on November 2, 2021. The company specializes in AI-driven decision automation and optimization technology for the global insurance industry.
With a diverse range of products such as Claims Fraud Detection and Underwriting Risk Detection, Shift Technology aims to transform insurance decision-making processes. Keep reading to explore the intricacies of Shift Technology's fundraising journey and the investors backing this innovative platform.
What Is Shift Technology?
Shift Technology, founded in March 2013, is a Paris-based company specializing in AI-driven decision automation and optimization technology for the global insurance industry. The company was founded by David Durrleman, Eric Sibony, Jeremy Jawish, and Thomas Fayon.
Operating with a team of 501-1000 employees, Shift Technology offers solutions that help insurers achieve faster and more accurate claims and policy resolutions. Their products include Claims Fraud Detection, Underwriting Risk Detection, and Financial Crime Detection, among others.
How Much Funding Has Shift Technology Raised?
- Pre-Seed Round
- Amount Raised: €90K
- Date: October 2013
- Lead Investors: AGORANOV
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and initial product development.
- Seed Round
- Amount Raised: $1.8M
- Date: December 2014
- Lead Investors: IRIS
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and accelerate product development.
- Seed Round
- Amount Raised: €60K
- Date: January 2016
- Lead Investors: WILCO
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop and refine their AI-driven solutions.
- Non-Equity Assistance
- Amount Raised: Not disclosed
- Date: March 2016
- Lead Investors: Not disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To receive strategic support and resources without diluting equity.
- Series A
- Amount Raised: $10M
- Date: May 2016
- Lead Investors: Accel
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enter new markets.
- Series B
- Amount Raised: $28M
- Date: October 2017
- Lead Investors: Accel, General Catalyst
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product offerings and expand globally.
- Series C
- Amount Raised: $60M
- Date: March 2019
- Lead Investors: Bessemer Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To drive further innovation and strengthen market position.
- Series D
- Amount Raised: $220M
- Date: May 2021
- Lead Investors: Advent International
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand technological capabilities.
- Series D Extension
- Amount Raised: Not disclosed
- Date: November 2021
- Lead Investors: Guidewire Software
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing technology innovation and market reach.
Total Amount Raised: $319.86M
Current Valuation: Not publicly disclosed
Key Investors
- Guidewire Software
- Details: Guidewire Software is a leading provider of software solutions for property and casualty (P&C) insurers. The company is listed on the NYSE under the ticker GWRE.
- Investment Focus Areas: Insurance technology, software solutions for P&C insurers.
- Notable Investments: Guidewire Software itself is a notable player in the insurance software market.
- Advent International
- Details: Advent International is one of the largest and most experienced global private equity investors. Founded in 1984, the firm has invested in over 380 private equity transactions across 42 countries.
- Investment Focus Areas: Business and financial services, healthcare, industrial, retail, consumer, and leisure.
- Notable Investments: Walmart Brazil, Olaplex, Sovos Brands.
- Bessemer Venture Partners
- Details: Bessemer Venture Partners is a venture capital firm that invests in early-stage companies. The firm has been involved in over 200 IPOs and has a history dating back to 1911.
- Investment Focus Areas: Cloud computing, consumer, healthcare, financial services, and cybersecurity.
- Notable Investments: LinkedIn, Shopify, Pinterest.
- Accel
- Details: Accel is a global venture capital firm that partners with exceptional founders with unique insights. The firm has been involved in the growth of companies like Facebook and Dropbox.
- Investment Focus Areas: Consumer, enterprise software, fintech, and cybersecurity.
- Notable Investments: Facebook, Dropbox, Slack.
- General Catalyst
- Details: General Catalyst is a venture capital firm that invests in powerful, positive change that endures. The firm partners with founders from seed to growth stage.
- Investment Focus Areas: Consumer, enterprise, healthcare, and financial technology.
- Notable Investments: Airbnb, Stripe, Snap.
What's Next for Shift Technology?
Shift Technology stands at the cusp of significant growth, driven by its innovative AI-driven solutions for the insurance industry. The recent investment from Guidewire aims to bolster technology innovation and market expansion, presenting a substantial opportunity for Shift to enhance its fraud detection capabilities and decision-making processes. This partnership allows for deeper integration with Guidewire's ClaimCenter, providing real-time alerts that can revolutionize the insurance claims process.
As Shift Technology continues to innovate, the potential for future fundraising remains strong. The strategic investment from Guidewire, coupled with the ongoing Series D funding, positions Shift to attract further investments, enabling it to scale operations and enter new markets. However, the company must navigate challenges such as maintaining technological leadership and ensuring seamless integration with existing insurance platforms.
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