Shepherd, an AI-native commercial insurance platform, has raised $42m in a Series B round led by Intact Private Capital, bringing total funding to $67m.
The company provides commercial insurance for large construction and infrastructure projects, including data centres, semiconductor facilities and energy assets supporting the expansion of artificial intelligence infrastructure.
Shepherd said revenue has grown more than sevenfold over the past 24 months. The platform now insures more than $400bn in project value across 1,500 policies for over 600 customers, including contractors, technology companies and energy developers building physical infrastructure for AI systems.
The funding round included participation from Spark Capital and Costanoa Ventures, alongside additional investors. Intact Private Capital, the investment arm of global insurer Intact, will also provide expanded underwriting capacity through the partnership.
Justin Levine, CEO and Co-Founder, Shepherd, said, “The AI race moved from the cloud to the construction site. Every GPU cluster needs a building. Every building needs to be constructed. Every data center requires dedicated power. And the insurance market that is supposed to keep those projects moving has been operating the same way for decades. We built Shepherd because we believed the old approach to commercial underwriting needed to change fundamentally — not just get faster, but get smarter. That is why the biggest names in AI infrastructure are choosing us.”
Shepherd’s platform uses artificial intelligence to automate underwriting workflows and analyse real-time project data from construction technology platforms including Procore, Autodesk, OpenSpace, DroneDeploy and Samsara. The system can process underwriting feedback in hours rather than weeks, according to the company.
The platform also supports a behaviour-based pricing model through its Shepherd Savings programme. Contractors using construction technology platforms can receive improved pricing based on operational data and safety practices recorded during projects.
Levine added, “We believe the future of commercial insurance is behaviour-based. The contractors who invest in technology to build safer and smarter should be rewarded for it, not priced the same as everyone else.”
Shepherd operates as a managing general underwriter (MGU), partnering with insurers to provide coverage while retaining underwriting authority through its platform. The company currently offers commercial property and casualty insurance products including general liability, commercial auto and builder’s risk coverage.
Mo Mahallawy, CTO and Co-Founder, Shepherd, said, “We mapped the same autonomy trajectory that transformed self-driving vehicles and applied it to underwriting. Today, an underwriter manually processes about 20 accounts a month and wastes significant time on submissions that are outside their appetite. In our model, an underwriter will oversee 200. AI handles intake, data enrichment, risk analysis, and pricing. The underwriter sets strategy, manages exceptions, and focuses on the accounts that matter most.”
Justin Smith-Lorenzetti, Managing Director, Intact Private Capital, said, “At Intact Private Capital, we’ve seen every wave of insurtech. What Shepherd’s building is generational – it’s going to fully reshape the industry. Their AI-native approach to processing and segmenting commercial risk is unlike anything else we’ve seen in the industry. Justin, Mo, and the world-class team at Shepherd drove our conviction not just to lead this round but also to support Shepherd as a long-term capacity partner.”
Mark Selcow, General Partner, Costanoa Ventures, said, “Shepherd has built an approach to commercial insurance that uses real operational data to assess risk in ways legacy carriers simply can’t. That platform has enabled the company to scale rapidly, expand into new industrial verticals like Renewable Energy, and grow sevenfold without compromising underwriting discipline. Shepherd is proving that better data leads to better outcomes for builders and brokers.”
The company said the funding will support further platform development, expansion into renewable energy and power infrastructure, and progress towards autonomous underwriting capabilities.
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