The funding will be used to extend the company’s ‘current uses of generative AI (artificial intelligence) for claims automation … drive forward Sprout.ai’s go-to-market strategy, accelerate [Sprout.ai’s] growth’, and to support continued investment in ‘product innovation and AI’.
Sprout.ai added: “The investment will also be used to expand into new insurance lines and global territories, including North America.”
Alongside Amadeus and Praetura, other major investors included Capricorn Capital Partners, Forefront Venture Partners, Verstra Ventures, Portfolio Ventures Angel Fund, Octopus Ventures, Playfair and Techstars.
Sprout.ai has patented technology that leverages generative AI and large language models (LLMs) for claims assessment and AI model training. The investment from Amadeus and Praetura will be used to build this by further leveraging generative AI within Sprout.ai’s Claim Extraction module, extending the existing self-service capabilities for model training, and process automation.
“We process thousands of claims globally with our solution every day and millions of policyholders receive fast and accurate decisions as a result,” said Roi Amir, CEO of Sprout.ai. “This investment will enable us to grow further into international markets and continue to invest in our AI-led product to drive towards our vision to ‘make every claim better’.”
Amelia Armour, Partner at Amadeus Capital Partners, added: “We’ve backed Sprout.ai since its seed stage and our latest investment shows the confidence we have both in the company’s commercial offering and the team’s ambition. Insurance claim handling is a huge global market that is ripe for automation to improve efficiency and accuracy. We’re excited to see the product now make it onto the international stage.”
Sprout.ai released data earlier this year which showed that customers prioritise fair decision-making and trust over speed when settling an insurance claim using artificial intelligence.