Sprout.ai, a London-based claims automation platform previously called BlockClaim, has secured $2.5 million in its second seed round, with funding from Amadeus Capital Partners.
Amadeus Capital Partners, a specialist in deep tech investing, led the round and was joined by Playfair Capital and Techstars.
The investment will allow Sprout.ai to build its science and engineering team, expand its sales operations and move into the US market.
Sprout.ai believes that demand for insurance automation will be positively impacted by the current global pandemic.
“Amadeus Capital Partners has shown confidence in our future by backing us again,” said Niels Thoné, CEO of Sprout.ai. “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 insurtech firm uses artificial intelligence techniques, such as natural language processing and optical character recognition, to enrich ‘data sprouts’ from individual claims by up to 300%, with real-time information sourced from web-based and public data sources.
“Now more than ever, insurers will be looking at operational savings and efficiency gains,” added Amelia Armour, Principal, Amadeus Capital Partners.
“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.”