Our client Sprout.ai – an insurtech applying AI to insurance claims – has raised $2.5 million in additional seed funding. Amadeus Capital Partners led the investment round, with participation from Playfair Capital, and Techstars.
Capital’s corporate team acted for Sprout.ai on the deal, which will enable the insurtech to further build out its data science and engineering team, expand its sales operations and plan for an U.S. expansion.
Founded in 2018 and formerly known as BlockClaim, Sprout.ai has developed AI-based software that enables insurance claims to be settled within 24 hours. It uses natural language processing and optical character recognition to understand unstructured insurance claim data, then combines this with real-time external data such as weather, geolocation, business and medication information, to automate claims or escalate them for further human analysis.
Capital is also supporting Sprout.ai with its other day to day legal requirements.
Laura Spendiff, lead advisor on the deal and Associate at Capital Law, said:
“As demand for insurance automation is due to increase, Sprout’s state-of-the-art AI techniques have a real potential to ease the pressure on insurers – and investors know it. It’s been a pleasure to support such an innovative team at this crucial stage, and we look forward to seeing Sprout.ai grow internationally.”
Raphael Guth, COO at Sprout.ai said:
“The team at Capital has done an amazing job since we started to work with them in 2019. They were always very helpful and responsive and provided clear advice! It has been a pleasure to work with this amazing team of knowledgeable and very professional lawyers. Special thanks to Laura, Chris and Claire for their very hard work and a terrific result.”