InsurTech firm Sprout.ai (previously BlockClaim), has secured $2.5m (£2.01m) in seed funding.
The company’s second seed round was led by Amadeus Capital Partners, a specialist in deep tech investing, and joined by Playfair Capital and Techstars.
The investment will allow Sprout.ai to build out a data science and engineering team, expand its sales operations and move into the US market.
Founded in 2018, Sprout.ai’s data driven insights provide insurers with rapid claims automation, alongside fraud detection. It is designed to integrate with existing claims software, rapidly enhancing claims and fraud processing in line with current systems.
Sprout.ai uses AI processes 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.
The firm said its expansion plans are based on its confidence that demand for insurance automation will be positively impacted by the current global pandemic.
Niels Thoné, CEO of Sprout.ai, said: “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.”
Amelia Armour, Principal, Amadeus Capital Partners, added: “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.”