London-based insurance claims automation company Sprout.ai has raised £5.4 million. Funds will fuel its ‘go-to-market strategy’, fuel further innovation and accelerate its growth as it seeks out new insurance lines and global territories, including the US.
The round was led by Amadeus Capital Partners and Praetura Ventures. It also saw participation from Capricorn Capital Partners, Forefront Venture Partners, Verstra Ventures and Portfolio Ventures Angel Fund.
Sprout.ai has patented technology which leverages generative AI and large language models (LLMs) for claims assessment and AI model training. Funds will afford the build of Sprout’s use of AI in its claim extraction module building on its self-service capabilities for model training, and process automation.
“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,” says Amelia Armour, Partner at Amadeus Capital Partners, who has backed Sprout.ai since its Seed stage.
The startup claims it helps users increase operational efficiency and reduce claim handling costs by up to 50 percent, by automating parts of the claims process. It counts AdvanceCare, MetLife and Generali amongst its list of clients.
Lead image: vai Sprout.ai. Photo: Uncredited.