French insurance tech SaaS firm Shift Technology has raised $28 million in a Series B round led by Accel and General Catalyst with participation from Elaia Partners and Iris Capital.
Shift develops software that automates fraud detection processes using artificial intelligence and recently launched a version of the software for the healthcare sector. According to the company, only 15% of fraudulent claims are caught by manual processes and its software has processed more than 100 million claims globally, catching 75% of suspicious claims.
Its revenue has grown 800% over the last 12 months, it said in a statement.
The new funds will be invested in opening new offices in New York and Tokyo and in further product development.
“We’ve seen strong demand globally since our launch, and we’re excited to be able to expand our offering further internationally,” commented Jeremy Jawish, CEO of Shift. “The US and Japan are two of the biggest insurance markets in the world, and there is a huge opportunity to help their insurers detect fraud as effectively as possible.”