Sprout.ai, a London-based insurtech startup previously known as BlockClaim, has raised $2.5 million in a second seed round led by Amadeus Capital Partners, with support from Playfair Capital and Techstars. The UK company will use the new funding to grow its data science and engineering teams and expand into the US market.
The insurtech startup says its claims automation platform, Contextual AI, can settle claims within 24 hours. With AI techniques such as natural language processing and optical character recognition, the software takes unstructured data from an insurance claim and enriches it with real-time information from web-based and public data sources. There’s also a self-learning fraud detection component.
Amadeus Capital Partners, which led the startup’s initial seed round last summer, believes the current climate of remote work and health incidents will lend itself to Sprout.ai’s success. Principal Amelia Armour commented that insurers “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.”