Sprout.ai, a London, UK-based AI-led insurance claims automation company, raised £4.5M in funding.
The round was led by Amadeus Capital Partners and Praetura Ventures, with participation from Capricorn Capital Partners, Forefront Venture Partners, Verstra Ventures, Portfolio Ventures Angel Fund, Playfair and Techstars.
The company intends to use the funds to drive forward its go-to-market strategy, accelerate its growth and to 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.
Led by Roi Amir, CEO, Sprout.ai specialises in claims process automation, helping insurance carriers and third-party administrators (TPAs) increase operational efficiency and reduce claim handling costs, by automating parts of the claims process. 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 to minutes.
The business provides services to a range of global partners, including AdvanceCare, MetLife and Generali.
FinSMEs
31/10/2023