Sprout.ai, an insurtech startup that uses AI to help insurance companies to settle claims within 24 hours, has raised £8m/$11m Series A round led by Octopus Ventures. The round was joined by existing investors, Amadeus Capital Partners, Playfair Capital, and Techstars. It was previously Seed funded by Amadeus in 2020.
Sprout.ai, the UK startup, supplies global insurers, such as Zurich, with a product that applies NLP and OCR to insurance claims (which might involve handwritten doctors’ notes) to enable them to be resolved faster. Sprout also offers its services in Europe, South America, and APAC.
Niels Thoné, CEO of Sprout.ai, said: “Sprout.ai’s mission is to revolutionize 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.”
“We are often at our most vulnerable when we submit insurance claims, and it doesn’t help when we then have to wait another month for it to be processed. Sprout.ai empowers insurers to process claims in a fraction of the time, creating much better outcomes for customers when they need it most,” said Nick Sando, an early-stage fintech investor at Octopus Ventures. As we can see, the market is hotting up for this kind of service, so it will be interesting to see if these startups end up ‘land-locked’ to their language markets or not.