Shift Technology announced today that it raised a $28 million series B funding round to help grow its business using AI to mitigate insurance fraud.
The Paris-based startup will use the fresh infusion of cash to expand its footprint to New York and Tokyo in the first quarter of next year. The company is making that move to be closer to customers in two of the world’s largest insurance markets, where it doesn’t already have a physical presence. It already has offices in London, Singapore, Hong Kong, and Zurich.
In addition, the company 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’s product is called Force, and uses artificial intelligence to help insurance fraud specialists better detect strange behavior that is indicative of fraud.
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.
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, which was also led by Accel.