Shepherd, a company offering AI-based insurance solutions for the commercial construction sector, has raised $42m in a Series B round led by Intact Private Capital.
Other investors participating in the round include Spark Capital, Costanoa Ventures and additional unnamed backers.
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With this latest investment, Shepherd’s total funding now stands at $67m.
Shepherd’s revenue has increased more than sevenfold over the past two years.
Its insurance coverage now extends to projects valued at more than $400bn, with over 1,500 policies serving upwards of 600 clients.
Customers include companies from sectors such as AI research, semiconductor manufacturing, large-scale technology infrastructure, construction contracting and energy development.
The Shepherd platform incorporates AI to streamline underwriting processes and reduce turnaround times.
Its system connects directly with construction technology tools from partners such as Procore, Autodesk, OpenSpace, DroneDeploy and Samsara, allowing underwriting decisions to be informed by up-to-date project data such as incident records and inspection rates.
Shepherd offers commercial property and casualty insurance products including general liability and commercial auto focusing on construction and infrastructure.
The company has also announced recent moves into renewable energy and power insurance lines, as well as an expansion into Builder’s Risk scheduled for April 2025.
Operating as a managing general underwriter, Shepherd maintains underwriting authority while working with larger carriers for coverage provision.
The business model allows for dynamic pricing that can adjust based on real-time project information collected via partnerships within the construction technology ecosystem.
Shepherd co-founder and CEO Justin Levine said: “Every GPU [graphics processing unit] cluster needs a building. Every building needs to be constructed. Every data centre requires dedicated power – and the insurance market that is supposed to keep those projects moving has been operating the same way for decades.
“We built Shepherd because we believed the old approach to commercial underwriting needed to change fundamentally – not just get faster, but get smarter. That is why the biggest names in AI infrastructure are choosing us.”
Shepherd completed a $13.5m Series A funding round in 2024.
