Insurtech Sprout.ai raises $2.5m funding for claims automation platform
Insurtech Sprout.ai, a London-based claims automation platform, has raised $2.5 million funding to further expand its operations and move into the US market.
The lastest seed funding was led by Amadeus Capital Partners, with participation from Playfair Capital and Techstars.
Sprout.ai was previously known as BlockClaim. The company uses artificial intelligence techniques, such as natural language processing and optical character recognition, to enable insurance claims to be settled swiftly. Its data driven actionable insights provide insurers with rapid claims automation, alongside enhanced fraud detection and high levels of security.
Niels Thoné, CEO of Sprout.ai, said: “Amadeus Capital Partners has shown confidence in our future by backing us again. They have a track record of taking tech companies global and are the right partner for Sprout.ai as we enter this crucial next phase of our development.
“Sprout.ai is shaping the future of the burgeoning InsurTech sector and with this new investment, we can lead further innovation in claims and fraud management. The name change is the first of many steps Sprout.ai will take as it continues to grow its client base across multiple continents.”
The company says that demand for insurance automation will be positively impacted by the current global pandemic.
Amelia Armour, principal, Amadeus Capital Partners, added: “Now more than ever, insurers will be looking at operational savings and efficiency gains. They are likely to face an unprecedented raft of claims due to the pandemic while simultaneously managing distributed workforces. Sprout.ai can help insurers meet the challenges they face, working in tandem with their existing IT infrastructure.”
