Headquartered in London, Sprout.ai, an AI-led insurance claims automation company, has scored £5.4 million in funding. The round was led by Amadeus Capital Partners known for investments in RoboK, ATMOS and Tenzo, and Praetura Ventures.
Also, UK investors Capricorn Capital Partners and Portfolio Ventures Angel Fund, US investor Forefront Venture Partners and Canadian investor Verstra Ventures, and Sprout.ai’s existing investors, Octopus Ventures, Playfair, and Techstars participated in this round.
Expansion plans
The funds will be used to drive forward Sprout.ai’s go-to-market strategy, accelerate its growth, and continue to invest in product innovation and AI. The investment will also be used to expand into new insurance lines and global territories, including North America.
AI-based claims automation and fraud detection
Founded by Niels Thone and Raphael Guth in 2018, Sprout.ai harnesses the power of Contextual AI to revolutionise the insurance experience for global insurers and their consumers alike. The solution leverages proprietary Optical Character Recognition (OCR) and Natural Language Processing (NLP) technologies to deliver significantly reduced claim settlementtimes, increased fraud detection and industrial grade security to insurers.
It also provides solutions for image analysis, audio analysis, document management, behaviour analysis, and more. The product accurately extracts and contextualises claims information and compares it to policy coverage, enabling claims’ handlers to spend more time directly with their customers and reduce the claims settlement time from weeks to minutes.
As per the company, its purpose-built solution specialising in claims process automation, helps insurance carriers and third-party administrators (TPAs) increase operational efficiency and reduce claim handling costs by up to 50%, by automating parts of the claims process. The business provides services to a range of global partners, including AdvanceCare, MetLife and Generali.
Roi Amir, CEO of Sprout.ai, said: “We process thousands of claims globally with our solution every day and millions of policyholders receive fast and accurate decisions as a result. This investment will enable us to grow further into international markets and continue to invest in our AI-led product to drive towards our vision to ‘Make every claim better’.”
Amelia Armour, Partner at Amadeus Capital Partners, added: “We’ve backed Sprout.ai since its seed stage and our latest investment shows the confidence we have both in the company’s commercial offering and the team’s ambition. Insurance claim handling is a huge global market that is ripe for automation to improve efficiency and accuracy. We’re excited to see the product now make it onto the international stage.”
David Foreman, Managing Director of Praetura Ventures, added: “Sprout.ai has grown at an impressive pace, and is now eyeing global expansion. There is a huge market potential in the global claims software sector, and with the team’s commitment to innovation and exceptional service, they are uniquely positioned to take advantage of the growing demand for their services. We look forward to supporting them with the funding, network and expertise to help them to achieve their ambitions.”
