London, United Kingdom-based AI-led insurance claims automation company Sprout.ai has raised GBP 5.4 million in funding. The round took place on October 31, 2023. Venture capital investors Amadeus Capital Partners and Praetura Ventures led the financing for the company. Meanwhile, UK investor Capricorn Capital Partners, US investor Forefront Venture Partners, Canadian investor Verstra Ventures and UK investor Portfolio Ventures Angel Fund participated in the first. Meanwhile, Sprout.ai’s existing investors, Octopus Ventures, Playfair as well as Techstars, also provided the investment.
Purpose of financing for Sprout.ai
With the latest financing, Sprout.ai seeks to drive forward its go-to-market strategy. The company has plans to fuel its growth. Meanwhile, Sprout.ai intends to continue to invest in product innovation as well as AI. Besides, the firm aims to expand into new insurance lines as well as global territories, such as North America.
The investment from Amadeus and Praetura will further help in leveraging Generative AI within Sprout.ai’s Claim Extraction module. It extends the existing self-service capabilities for model training and process automation.
What the company’s official has to add
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’
What the investors have to comment
Amelia Armour, Partner at Amadeus Capital Partners, said, “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.”
In addition, 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.”
About Sprout.ai
Raphael Guth in 2018 launched the company. Sprout.ai is an award-winning technology solution for the insurance industry. It partnered with some of the world’s major insurance companies and TPAs.
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