Shepherd’s $42 million Series B reflects investor conviction that commercial insurance for AI-related physical infrastructure is becoming a large, differentiated market, not just a niche insurtech segment. The company’s pitch is strong because it combines AI-driven underwriting automation with real-time operational data from construction technology platforms, allowing it to price risk faster and more behaviorally than traditional carriers while scaling rapidly across high-value projects. The round does more than fund growth: with Intact Private Capital also expanding underwriting capacity, Shepherd is strengthening both its technology stack and the balance-sheet support needed to deepen its role as an AI-native managing general underwriter in construction, energy, and related infrastructure. 

Shepherd Raises $42M To Boost Commercial Insurance