Shift Technology, which provides AI-powered decision automation and optimisation solutions for insurers, has secured $220m investment.
According to a Reuters report, the fundraising increases its valuation to more than $1bn providing it with unicorn status.
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The news agency added that private equity firm Advent International led the latest financing round.
Avenir and existing investors Accel, Bessemer Venture Partners, General Catalyst and Iris Capital also joined.
The company plans to utilise the new proceeds to expand its product portfolio as well as add new functionalities to existing offerings.
Shift Technology CEO and co-founder Jeremy Jawish was quoted by Reuters as saying: “This includes products specifically designed for the health insurance market to help avoid improper payments.
“We’ll also use the funding to support staffing with a particular focus on building out our team of data scientists.”
The company has secured a total of $320m investment to date.
The Shift Technology team comprises insurance-focused data scientists, customer success advisors and project managers.
The company primarily focuses on developing AI-driven solutions for insurance industry to mitigate fraud risks and enhance customer experience.
It now plans to enter the property and casualty insurance market.
Last month, the Insurance Fraud Bureau (IFB) partnered with Shift Technology to build fraud detection system in UK.
The platform is expected to be launched next year.
