Shepherd Secures $42M Series B for AI-Driven Insurance Platform

Shepherd, an AI-native platform for commercial property and casualty insurance, closed a $42 million Series B funding round on March 24, 2026. The round was led by Intact Private Capital, with participation from Spark Capital, Costanoa Ventures, and other investors, increasing the company's total capital raised to $67 million. This follows a $13.5 million Series A in 2024. Over the past 24 months, Shepherd achieved more than 7x revenue growth, issuing over 1,500 policies that cover more than $400 billion in project value for over 600 customers in commercial construction, infrastructure, renewable energy, and power sectors.

The platform leverages proprietary AI underwriting, real-time construction data integrations, and industry expertise to provide general liability and commercial auto coverage for large-scale projects, including data centers, semiconductor facilities, and energy assets underpinning AI expansion. Intact Private Capital also serves as a carrier partner, offering expanded underwriting capacity. Founded in 2021 and headquartered in San Francisco, Shepherd addresses rising demand for rapid, precise risk assessment in physical asset-heavy industries driven by AI infrastructure buildout.

This funding enables team growth, platform enhancements toward autonomous underwriting, and vertical expansion into renewables and power. Shepherd's traction highlights insurtech's role in supporting the physical layer of AI development, where construction risks require specialized, data-driven solutions amid surging project volumes.