Shift Technology raises $60 million to detect insurance fraud

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, Assurant, Chubb, CNA and HyreCar in the U.S. And given the size of those companies, it means that Shift Technology is processing a ton of claims every day.

It’s easy to sell this kind of products 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’s 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.