Sprout.ai, a London, UK-based AI-led insurance claims automation company, has raised £5.4 million in a funding round.
SaaS Investors
The round was led by venture capital investors Amadeus Capital Partners and Praetura Ventures, with participation from Capricorn Capital Partners, US investor Forefront Venture Partners, Canadian investor Verstra Ventures, Portfolio Ventures Angel Fund, Octopus Ventures, Playfair, and Techstars.
Amadeus Capital Partners invests in people who create transformational technologies and sustainable businesses. They back early-stage and growth companies in Europe and Latin America, from our locations in Cambridge, London Oxford, San Francisco, and São Paulo.
Praetura Ventures is a Manchester-based venture capital firm that invests in early-stage, high-growth businesses across the UK, with a particular focus on supporting entrepreneurs across the North of England.
Sprout.ai Use of Funds
The funding will be used to drive the company's go-to-market strategy, accelerate growth, invest in product innovation, and expand into new insurance lines and global territories.
About Sprout.ai
Sprout.ai is an AI-led insurance claims automation company. The company's purpose-built solution automates parts of the claims process for insurance carriers and third-party administrators, allowing them to increase efficiency and reduce claim handling costs. Sprout.ai's technology extracts and contextualizes claims information compares it to policy coverage, and reduces claims settlement time from weeks to minutes. The company has partnered with some of the world’s major insurance companies and TPAs.
Funding Details
Company: Sprout.ai LTD.
Raised: £5.4M
Round: Unknown
Funding Month: October 2023
Lead Investors: Amadeus Capital Partners and Praetura Ventures
Additional Investors: Capricorn Capital Partners, Forefront Venture Partners, Verstra Ventures, Portfolio Ventures Angel Fund, Playfair and Techstars
Company Website: https://sprout.ai/
Software Category: AI-led Insurance Claims Automation
Source: https://www.amadeuscapital.com/insurtech-sprout-ai-raises-5-4-million-from-global-investors-to-transform-claims-processing/