Shepherd, a San Francisco, CA-based provider of an AI-native insurance technology platform, has raised $42 million in a Series B funding round led by Intact Private Capital.
The round also saw participation from Spark Capital, Costanoa Ventures, and additional investors.
The funding round increased the total to $67 million.
The company intends to use the funds to expand operations and its development efforts.
The race to build AI infrastructure is speeding up. Big cloud providers, chip makers, and advanced AI labs are investing hundreds of billions of dollars in data centers, power, and renewable energy. All of these projects need to be built and insured.
But traditional insurance isn’t keeping up. Large construction projects often wait weeks for a single quote. Brokers spend hours contacting carriers, and old systems make analysis slow and inconsistent, causing long delays and uneven underwriting results.
Shepherd was created to fix this problem. Its AI completes underwriting workflows in seconds, cutting feedback times from weeks to hours. The platform also pulls real-time data from construction tech partners such as Procore, Autodesk, OpenSpace, DroneDeploy, and Samsara, enabling risks to be priced much faster than traditional carriers. Unlike typical insurers that rely on static applications, Shepherd sees projects as they happen, continuously tracking incidents, inspections, documents, and job-site conditions. This data and AI enable Shepherd to offer unique pricing through its Shepherd Savings program.
Shepherd covers the physical infrastructure for leading AI and tech companies building data centers, chip factories, and energy projects. Clients choose Shepherd not because other insurers can’t cover them, but because Shepherd provides faster, more accurate underwriting with less hassle than anyone else.
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Shepherd’s Shepherd Savings program changes how commercial risk is priced. Like auto insurance, which uses real driving data rather than demographics, Shepherd Savings uses actual construction tech and jobsite data to reward builders who focus on safety and efficiency.
Contractors using tools from partners like Procore, Autodesk, OpenSpace, or DroneDeploy get better pricing when they join, and rates improve at renewal as a year of data shows their true risk. The program creates a clear feedback loop: invest in safer, better practices, show it with data, and get pricing that reflects it.
Shepherd is working on what it calls the most ambitious goal in commercial insurance: fully autonomous underwriting. The company aims to move from manual processes to a future where AI handles the entire workflow and underwriters act as guides rather than do data entry.
Shepherd is on a two-year plan to reach supervised autonomy, in which underwriters manage portfolios rather than process data, boosting their capacity by 10 times.
Shepherd currently provides commercial property and casualty insurance, including general liability and commercial auto, for construction and infrastructure projects, and is expanding into renewable energy, and power. Earlier this year, the company announced this new vertical, following its Builder’s Risk expansion in April 2025.
Shepherd operates as a managing general underwriter, partnering with major carriers to offer top-rated coverage while keeping underwriting authority in house. Its platform connects with construction tech partners such as Procore, Autodesk, OpenSpace, DroneDeploy and Samsara to leverage real time project data for faster, more accurate underwriting decisions.
Shepherd has grown its revenue more than sevenfold in the past two years, covering over $400 billion in project value across 1,500+ policies for more than 600 customers, including major AI companies. Its clients include top AI labs, chip makers, cloud providers, contractors, specialty builders, and energy developers building the facilities that support the AI industry.
“The AI race has moved from the cloud to the construction site,” said Justin Levine, CEO and Co Founder of Shepherd. “Every GPU cluster needs a building. Every building needs power. And the insurance market for these projects has remained unchanged for decades. We built Shepherd to make commercial underwriting smarter, not just faster. That’s why the biggest AI infrastructure companies are choosing us.”
Levine added, “The future of commercial insurance should be based on behavior. Contractors who use technology to build safer, smarter projects should be rewarded, not treated the same as everyone else.”
Mahallawy said, “We’re close to the first fully automated commercial insurance submission—email in, price out, with no human involved until the final step. No other carrier can do this. A year from now, commercial underwriting will look completely different.”
Justin Smith-Lorenzetti from Intact Private Capital said, “We’ve seen every wave of insurtech, and what Shepherd is building is transformational. Their AI-native approach to handling commercial risk is unlike anything else. Justin, Mo, and the team convinced us to lead this round and support Shepherd as a long-term partner.”
Mark Selcow from Costanoa added, “Shepherd uses real operational data to assess risk in ways traditional carriers can’t. This platform has enabled them to scale quickly, expand into new areas such as renewable energy, and grow sevenfold without sacrificing underwriting quality. Shepherd shows that better data leads to better results for builders and brokers.”
About Shepherd
Founded in 2021 by Justin Levine (CEO) and Mo Mahallawy (CTO), Shepherd is an AI-powered insurance platform that makes managing risk easier for builders and operators shaping the physical world. The company combines AI underwriting, real time construction data, and industry expertise to provide fast, accurate, and intelligent commercial insurance. Shepherd covers construction, infrastructure, and energy projects for clients from mid-sized contractors to companies building cutting-edge AI facilities. The company is based in San Francisco and has offices across the U.S.
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