AI-driven claims automation insurtech Sprout.ai has successfully raised £5.4 million in a funding round 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 joined Sprout.ai’s existing investors in this funding initiative.
Octopus Ventures led the first round of funding for the insurtech back in 2021, managing to raise £8 million. Other investors that participated in Series A included Playfair Capital and Techstars.
The newly secured funds will power Sprout.ai’s go-to-market strategy, driving accelerated growth and continued investment in product innovation and AI. The investment will also facilitate the expansion into new insurance lines and global territories, with a special focus on penetrating North American markets.
The core focus of Sprout.ai’s tailored solution lies in claims process automation, dedicated to enhancing operational efficiency for insurance carriers and third-party administrators (TPAs), promising a potential reduction of up to 50% in claim handling costs. Its services cater to a global array of partners, including AdvanceCare, MetLife, and Generali.
A key highlight of Sprout.ai’s advancements is its patented technology harnessing generative AI and large language models (LLMs) for claims assessment and AI model training. The investment from Amadeus and Praetura aims to further leverage generative AI within Sprout.ai’s claim extraction module, extending self-service capabilities for model training and process automation. This investment comes amid projections for the global claims processing software market to reach $73 billion by 2030, growing steadily at a rate of 8.3% annually from 2021 to 2030.
“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’,” Sprout.ai CEO Roi Amir said.
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