Accel leads $10m series-A for Shift Technology

The fresh capital will be dedicated to financing international expansion and product development. Upon completion of the deal, Accel general partner Sonali de Rycker will take a seat on the Shift Technology board.

Existing backers Elaia Partners and Iris Capital also took part in the round.

Accel recently held a €500m first and final close for its Accel London V fund. The new fund targets early- and growth-stage investments in the software-as-a-service, e-commerce and IT sectors, with a geographic remit spanning Europe and Israel.

Previous funding
Elaia and Iris took part in a $1.8m seed funding round for the business in December 2014.

Company
Headquartered in Paris and founded in 2013, Shift Technology develops software that helps insurance companies detect fraudulent claims. Its products use mathematical modelling, algorithms and machine learning to highlight suspicious claims, pinpoint the most likely types of fraudulent activity and identify the aspects to be investigated.

Shift Technology's clients include property and casualty insurers across Europe, Asia and the Americas.

People
Accel – Sonali de Rycker (general partner).
Shift Technologies – Jeremy Jawish (CEO).

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