Remember when we told you about French startups making Boston their second home?
We heard from another one that just got flush with cash. Paris-based Shift Technology, a company that uses artificial intelligence to help insurance companies detect fraud, raised $60 million led by Bessemer Venture Partners. Existing investors including Accel, General Catalyst, Iris Capital and Elaia Partners also participated in the round. Elaia Partners also participated in the $70 million round of Paris-born e-commerce tech provider Mirakl last week.
The round is earmarked for the company's expansion in the U.S., making Boston its American headquarters -- the startup just signed a lease for a 4,000 sq. ft. at 75 Federal St in downtown Boston. Shift Technology will also support R&D and new product development with the proceeds from this round.
Founded in 2014, the company employs a staff of 200 people across its offices in Paris, Boston, Tokyo, London, Hong Kong, Madrid, Singapore and Zurich. The company's flagship product, FORCE, is an AI-enabled fraud detection solution that analyzes a slew of insurance claims to identify potential fraud. The software is sold to insurance companies including Liberty Mutual, CNA Financial Corporation, General Insurance Association of Singapore, Hong Kong Federation of Insurers among others. The company has over 70 clients in 25 countries.
The company will add jobs in data science, sales and marketing and product development.
"We strong believe that AI can benefit so many more aspects of the claims process and of the insurance policy lifecycle overall. With this investment, we're well positioned for our next phase of growth and development," said CEO and co-founder of Shift Technology, Jeremy Jawish said in a statement.
