AI-native commercial insurance platform Shepherd has successfully raised $42 million in a Series B funding round, led by Intact Private Capital, bringing the company’s total investment to $67 million. The funding aims to accelerate Shepherd’s expansion in providing insurance solutions for large-scale construction and infrastructure projects, including data centres, semiconductor facilities, and energy assets supporting AI infrastructure.
Over the past 24 months, Shepherd has experienced a revenue surge exceeding sevenfold. The platform currently manages over 1,500 active policies for more than 600 clients, covering projects valued at over $400 billion. Its clientele includes contractors, technology companies, and energy developers building real-world infrastructure to support AI systems.
Key Investors and Roles
| Investor | Role and Contribution |
|---|---|
| Intact Private Capital | Lead investor; provides expanded underwriting capacity |
| Spark Capital | Participating investor |
| Costanoa Ventures | Participating investor; strategic support |
Justin Levine, CEO and co-founder of Shepherd, commented:
“AI competition has expanded from the cloud to the construction site. Every GPU cluster needs a building, and every building needs to be constructed. Each data centre requires specific energy provisioning. The insurance market, which is critical to keeping these projects operational, has been managed in largely the same way for decades. We created Shepherd because we believe commercial underwriting needs a fundamental shift.”
Technology and Underwriting Innovation
Shepherd’s platform leverages AI to automate underwriting workflows while analysing real-time project data from construction technology platforms such as Procore, Autodesk, OpenSpace, DroneDeploy, and Samsara. This approach has reduced underwriting response times from weeks to mere hours, enabling faster and more accurate risk assessment.
Through its Shepherd Savings programme, the platform also supports behaviour-based pricing. Contractors using advanced construction technology and delivering safe, efficient projects are rewarded with improved insurance terms. Mo Mahallawy, CTO and co-founder, explained:
“We have introduced autonomy in underwriting much like self-driving technology. While a human underwriter might process 20 accounts, our AI handles 200 accounts seamlessly.”
Justin Smith-Lorenzetti, Managing Director at Intact Private Capital, added:
“Shepherd’s approach is generational and poised to redefine the entire insurance industry.”
Mark Selcow, General Partner at Costanoa Ventures, noted:
“By using real operational data for risk assessment, Shepherd achieves insights that legacy insurers cannot. This capability allows the platform to scale rapidly.”
The company confirmed that the new funding will be deployed to enhance the platform, expand renewable energy and power infrastructure coverage, and further develop autonomous underwriting capabilities.
With its AI-driven innovations, Shepherd is positioning itself as a transformative force in commercial insurance, bridging the gap between cutting-edge infrastructure projects and efficient, data-driven risk management.