Shepherd Secures $42M to Transform Commercial Insurance

AI-driven commercial insurance platform Shepherd has successfully raised $42 million (approximately BDT 4,000 crore) in a Series B funding round led by Intact Private Capital, bringing the company’s total funding to $67 million. Shepherd specialises in providing commercial insurance for large-scale construction and infrastructure projects, including data centres, semiconductor facilities, and AI-supporting energy assets.

The company reported that over the past 24 months, its revenue has surged more than sevenfold. Currently, Shepherd serves over 600 clients, managing more than 1,500 active policies, covering projects with a combined value exceeding $400 billion. Its clientele includes contractors, technology companies, and energy developers focused on AI-driven infrastructure.

Key Investors

Justin Levine, CEO and co-founder of Shepherd, commented, “AI competition now extends from cloud computing into construction. Every GPU cluster requires a dedicated building, and each building demands specific energy infrastructure. The insurance market, essential to keep these projects operational, has remained largely unchanged for decades. Shepherd was founded because we believe fundamental change in commercial underwriting is long overdue.”

Shepherd’s platform leverages AI to automate underwriting workflows, analysing real-time project data from construction technology platforms including Procore, Autodesk, OpenSpace, DroneDeploy, and Samsara. This enables underwriting responses in a matter of hours, compared with the weeks required by traditional processes.

Advanced Technology and Pricing

Through its Shepherd Savings programme, the platform also implements behaviour-based pricing, offering favourable terms to clients who adopt safe and efficient construction practices using advanced technology. Mo Mahallawy, CTO and co-founder, explained, “We’ve brought autonomy to underwriting similar to self-driving technology. A human underwriter might process 20 accounts, whereas our AI can handle 200.”

Justin Smith-Lorenzetti, Managing Director at Intact Private Capital, added, “The methodology Shepherd has developed is generational, with the potential to reshape the entire industry.” Mark Selcow, General Partner at Costanoa Ventures, observed, “By leveraging real operational data for risk assessment, Shepherd can achieve insights traditional insurers cannot, enabling rapid scaling.”

The company plans to allocate the new funding to platform enhancements, expansion into renewable energy and power infrastructure projects, and the development of fully autonomous underwriting capabilities.

With this growth, Shepherd is not merely offering insurance—it is forging a new paradigm at the intersection of construction, technology, and risk management, playing a pivotal role in shaping the future of the industry.