UK-based Sprout.ai, an insurtech company, has secured $2.5 million in seed funding. Amadeus Capital Partners led the round with participation from Playfair Capital and Techstars.
6 April 2020 – London, UK – InsurTech Sprout.ai (previously BlockClaim), offers Contextual AI, a revolutionary system that enables insurance claims to be settled within just 24 hours. The company has successfully completed its second seed round, raising $2.5 million.
Amadeus Capital Partners, a specialist in deep tech investing, led the round and is joined by Playfair Capital and Techstars. The investment will allow Sprout.ai to build a world-class data science and engineering team, expand its sales operations and move into the US market. This expansion is based on its confidence that demand for insurance automation will be positively impacted by the current global pandemic.
The new name ‘Sprout.ai’ points to the technology’s ability to leverage the unstructured data underlying every insurance claim. Sprout.ai uses state-of-the-art AI 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.
Niels Thoné, CEO of Sprout.ai, says, “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.”
Founded in 2018, Sprout.ai’s data driven actionable insights provide insurers with rapid claims automation, alongside enhanced fraud detection and high levels of security. It is designed to integrate with existing claims software, rapidly enhancing claims and fraud processing in line with current systems.
Amelia Armour, Principal, Amadeus Capital Partners, adds, “Now more than ever, insurers will be looking at operational savings and efficiency gains. 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.”
About Sprout.ai (previously BlockClaim)
Developed at Imperial College London, the advanced claims automation and fraud detection plug-in is already used by global insurers across three continents. The technology empowers insurers to settle claims in as little as 24 hours by providing data driven insights. Sprout.ai customers can expect a magnitude of benefits including reduced settlement times, increased fraud detection, reduction in operational costs and industrial grade security. www.sprout.ai.
About Amadeus Capital Partners
Amadeus Capital Partners is a global technology investor. Since 1997, the firm has raised over $1bn in venture and growth capital and supported 160 companies. Our experienced team of investors and entrepreneurs shares a passion for the transformative power of technology.
Pioneering businesses we’ve backed include cyber security vendor ForeScout (NASDAQ: FSCT); Graphcore, innovators in intelligent microprocessors; IVF genetic testing company Igenomix; IndiaMART, the B2B online marketplace (NSE: INDIAMART); payments platform iyzico; and speech recognition company VocalIQ (acquired by Apple). Find us at https://amadeuscapital.com and @AmadeusCapital.
About Playfair Capital
Playfair Capital is an early-stage fund that commits to companies early and with conviction. Based in London, Playfair combines the best aspects of angel investing with a focused fund, to invest in truly ambitious founders, wherever they are in the world. Playfair takes a sector-agnostic approach and investments span deep tech, SaaS, marketplaces and B2B companies. www.playfaircapital.com
Techstars is the global platform for investment and innovation. Sprout.ai is an alumnus of Techstars MetLife 2019.
Techstars founders and their teams connect with other entrepreneurs, experts, mentors, alumni, investors, community leaders, and corporate partners who will help their companies grow. Techstars operates three divisions: Techstars Startup Programs, Techstars Mentorship-Driven Accelerator Programs and Techstars Corporate Innovation Partnerships. Techstars Mentorship-Driven Accelerator Programs help founders do more faster and Techstars Startup Programs inspire, educate and connect entrepreneurs. Techstars Corporate Innovation Partnerships helps brands supercharge growth by accelerating innovation and cultural transformation. Techstars accelerator portfolio includes more than 1,500 companies with a market cap of $13.9 Billion. www.techstars.com