Shepherd and Brickeye bring IoT risk data into underwriting

Shepherd and Brickeye tied verified IoT risk intelligence directly into construction underwriting on June 25, 2026, pushing Brickeye’s BuildersRiskIQ data into Shepherd’s model for Builder’s Risk coverage. The pitch is blunt: underwriters get a real-time view of physical risk on protected projects, and builders that invest in loss prevention can earn better terms instead of waiting for a loss run to prove the point.

Brickeye said its platform was already monitoring and mitigating risk across more than 4,500 projects in 20-plus countries. In January 2026 financing coverage, the company said its technology had been deployed on more than 3,000 projects across 20-plus countries and that revenue was growing 150% year over year. Brickeye has also said customers using its platform have cut water-loss deductibles by up to 50%, a result that matters in Builder’s Risk because water damage and concrete defect exposure can swing project economics quickly.

The company has spent the last year making that control layer more visible at the quoting stage. Brickeye launched BuildersRiskIQ on June 17, 2025 as a digital dashboard meant to show IoT loss-control plans during the Builders Risk quoting phase. Its own materials describe real-time alerts, automated risk controls, and actionable insights, which is the sort of workflow insurance software vendors love to promise and construction carriers increasingly need to operationalize if they want to price behavior, not just paperwork.

Shepherd is coming at the same problem from the underwriting side. In March 2026, the company raised $42 million in Series B funding led by Intact Private Capital, bringing total funding to $67 million. Shepherd said it had insured more than $400 billion in project value across more than 1,500 policies, and its website now says it has issued 1,450-plus policies, cut indication times by 75%, and surpassed $350 billion in insured volume. The company says it spent two years replacing weeks-long, email-driven underwriting with AI that prices complex construction risk in minutes.

That is the real software shift here. Continuous sensor data only matters if the platform can validate it, sort out exceptions, and decide when an active jobsite has crossed from acceptable variance into a pricing event. Shepherd was founded in 2020 by Justin Levine and Mohamed El Mahallawy, with Stephen Buonpane also identified as a co-founder in some coverage, while Brickeye dates to 2014 and previously operated as AOMS Technologies in Toronto. One summary of the partnership said builders using Brickeye sensors may receive premium credits or lower deductibles through Shepherd Savings, which shows where construction insurance is headed: from static submissions to live, behavior-based pricing built on verified risk controls.