Shepherd, an AI-native commercial insurance platform, has raised $42 million in a Series B funding round led by Intact Private Capital, bringing its total funding to $67 million. The financing will accelerate the company’s mission to modernise commercial underwriting for large-scale construction and infrastructure projects, particularly those supporting the rapid growth of artificial intelligence infrastructure.
The platform insures projects including data centres, semiconductor facilities, and energy assets—key components of AI deployment. Shepherd reports that its revenue has increased more than sevenfold over the past two years, now managing insurance coverage for over $400 billion in project value. The platform currently administers approximately 1,500 policies for more than 600 clients, spanning contractors, technology companies, and energy developers.
| Metric | Figure |
|---|---|
| Total funding | $67 million |
| Series B raised | $42 million |
| Project value insured | $400 billion+ |
| Policies underwritten | 1,500+ |
| Customers | 600+ |
| Revenue growth (24 months) | 7x |
The Series B round included participation from Spark Capital and Costanoa Ventures, alongside other investors. Through the partnership, Intact Private Capital, the investment arm of the global insurer Intact, will also provide expanded underwriting capacity.
Justin Levine, CEO and Co-Founder of Shepherd, stated:
“The AI race has moved from the cloud to the construction site. Every GPU cluster needs a building. Every data centre requires dedicated power. Yet the insurance market supporting these projects has been largely unchanged for decades. Shepherd was created to rethink commercial underwriting—not just to make it faster, but genuinely smarter. That’s why leading AI infrastructure players are choosing us.”
Shepherd’s platform leverages artificial intelligence to automate underwriting workflows and analyse real-time project data from construction technology platforms such as Procore, Autodesk, OpenSpace, DroneDeploy, and Samsara. The system can deliver underwriting feedback within hours rather than weeks. Additionally, the Shepherd Savings programme incentivises contractors by offering behaviour-based pricing, rewarding operational efficiency and safety practices recorded during projects.
Mo Mahallawy, CTO and Co-Founder, explained:
“Traditional underwriters manually process around 20 accounts monthly, wasting significant time on unsuitable submissions. Our AI system enables a single underwriter to oversee 200 accounts, with AI handling data intake, enrichment, risk analysis, and pricing. This frees human underwriters to focus on strategic decisions.”
The funding will be directed towards further platform development, expansion into renewable energy and power infrastructure projects, and the progression towards autonomous underwriting capabilities, positioning Shepherd as a transformative force in commercial insurance.