UK-based insurtech startup Sprout.ai hassecured around $2.5 million in a funding round, according to local media reports.
The funding round for Sprout.ai was led by Amadeus Capital Partners, a specialist in deep tech investments. Other investors who participated in the funding round are Playfair Capital and Techstars.
The funding will be used by Sprout.ai to expand in the US, improve sales and also develop a data science and engineering team.
Niels Thone, chief executive at Sprout.ai told the media, “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.”
Sprout.ai integrates artificial intelligence (AI) with its business model which helps the startup settle insurance claim within 24 hours. It uses techniques such as natural language processing and optical character recognition, to enrich ‘data sprouts’ from individual claims by up to 300 percent, with real-time information sourced from web-based and public data sources.
The company believes the demand for insurance automation will increase significantly in recent times due to the coronavirus pandemic, which has pushed the global economy into recession.
Established in 2018, Sprout.ai was previously called BlockClaim.