INSUBCONTINENT EXCLUSIVE:
Paris-based Shift Technology has raised another $60 million funding round
Bessemer Venture Partners is leading the round and existing investors Accel, General Catalyst, Iris Capital and Elaia Partners are also
participating.
Shift Technology is all about detecting fraudulent insurance claims
There are 70 insurance companies around the world relying on its product, such as MACIF in France, Axa in Spain, and CNA and HyreCar in the
And given the size of those companies, it means that Shift Technology is processing a ton of claims every day.
It easy to sell this kind of
product, as fraudulent claims cost a ton of money
If Shift Technology can help you catch more fraudulent claims, you can spend a bit of money to save a lot of money.
The startup has already
grown quite a lot since its previous funding round
They now have 200 employees, and customers all around the globe
In addition to its headquarters in Paris, Shift Technology also has offices in Boston, London, Hong Kong, Madrid, Singapore and Zurich.
With
today funding round, the company plans to hire more people in Boston, including data scientists and developers
The company is also playing around with an automated claim-processing solution.
Shift Technology is creating a strong barrier to entry
Thanks to its huge data set, it can create an AI-powered detection model that is getting more and more accurate
A new company would have a hard time catching up.
