London-based insurance claims automation company Sprout.ai secures £5.4 million in funding led by venture capital investors Amadeus Capital Partners and Praetura Ventures.
UK investor Capricorn Capital Partners, US investor Forefront Venture Partners, Canadian investor Verstra Ventures and UK investor Portfolio Ventures Angel Fund join their existing investors, Octopus Ventures, Playfair and Techstars in the round.
The funding will be used to drive forward our go-to-market strategy, accelerate their growth and allow us to continue to invest in product innovation and AI.
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 said, “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,”.
Sprout.ai has patented technology that leverages Generative AI and Large Language Models (LLMs) for claims assessment and AI model training. The investment from Amadeus and Praetura will be used to build this by further leveraging Generative AI within Sprout.ai’s Claim Extraction module, extending the existing self-service capabilities for model training, and process automation.
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.”
Sprout.ai is an award-winning technology solution for the insurance industry that has partnered with some of the world’s major insurance companies and TPAs.
With the vision to make every claim better, Sprout.ai uses ground-breaking AI products to enable insurers to make every claim easy, fast and accurate.
It extracts and enhances relevant claims data, cross-checks this with policies and provides an adjudication to conclude a claim in near real-time. Claims handlers have more time to spend with customers, and provide that all-important human touch and empathy.