Insurance fraud protection system Shift Technology has bagged $28m in a Series B funding round.
The investment was co-led by Accel and General Catalyst, and also saw participation from Elaia Partners and Iris Capital.
Founded in 2014, the Shift Technology uses AI and SaaS technology to help insurance companies detect fraud. The platform is able to analyse and score claims made, making real-time alerts to fraud fraud prevention handlers for any suspicious claims made.
The Paris-headquartered company also offers a claim automation solution which helps to streamline processes from the initial claim filling through to payout, reducing handling time from weeks to minutes.
Over the past year, the company has doubled its staff numbers, and grown its revenue base by 800 per cent.
This capital injection will help the company to open new offices in New York and Tokyo early next year. Equity will also be used to support team hires and development with the product, including its newly launched Healthcare solution, which has already completed 300 million health claims.
Accel partner Brian O’Malley said, “Cloud software has reached a point of maturity where it is solving industry specific needs, helping legacy players like insurance carriers innovate as quickly as the best Silicon Valley startups. Instead of trying to replace today’s leaders, software companies like Shift help incumbents leverage their decades of domain knowledge with the latest advancements in Artificial Intelligence and machine learning—making them more nimble and efficient.”
Last year the company picked up a $10m Series A funding round led by Accel Partners, which brings total funding to up to $38m.
Last month Accel took part in the $40m Series B round of Zebra, an auto insurance comparison marketplace, and the $60m Series C round of gift card marketplace Raise.
Copyright © 2017 FinTech Global
