Iris, Elaia invest €1.4m in Shift

According to the company, the cost of insurance fraud in motor, fire and property in Europe is estimated at €12bn per year.

Company
Founded in 2013 and headquartered in Paris, Shift has developed a software-as-a-service (SaaS) designed to detect potential insurance fraud.

The company's software uses mathematical modelling and algorithms to detect fraudulent behaviour. It is used by fraud managers at insurance firms and investigators.

People
Jeremy Jawish is the CEO of Shift; he founded the company alongside Eric Sibony and David Durrleman. Julien-David Nitlech is an investment manager at Iris. Philippe Gire is a managing partner at Elaia.

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• Iris Capital (Part’Com)