Founded at Imperial Collge London, Sprout three years ago, Sprout.ai has now secured $11m in a series A round led by Octopus Ventures.
Sprout.ai, a UK-based insurance claims processing software developer that emerged out of Imperial College London, has picked up £8m ($11m) in a series A round led by Octopus Ventures.
Amadeus Capital Partners, Playfair Capital and Techstars all returned for the round, having contributed $2.5m in seed financing in April 2020.
Founded in 2018, Sprout.ai’s software relies on contextual artificial intelligence (AI) technologies such as natural language processing and optical character recognition to process documents such as handwritten doctors’ notes for insurance claims.
The company claims its software can reduce the processing time from up to 30 days to just 24 hours. Its clients include insurance provider Zurich and it has expanded across Europe, South America and Asia Pacific to date.
The series A capital has been allocated to accelerated pipeline deployment, signing up additional clients and research and development activities.
Niels Thoné, chief executive of Sprout.ai, said: “Sprout.ai’s mission is to revolutionise customer service within global claims automation. Our innovative and industry-leading AI claims engine is poised to solve the current market inefficiencies, allowing insurers to focus on customers in their moments of need.
“By combining document processing and contextualisation, we have created a vastly superior technical product, making us strongly placed as the market leader. We have already seen exceptional levels of interest from global insurers in the last 12 months, who are increasingly looking to automate their claims journey.
“This funding will allow us to keep scaling to meet that demand.”
