The funding round also saw contributions from prominent investors such as Capricorn Capital Partners, Forefront Venture Partners, Verstra Ventures, and Portfolio Ventures Angel Fund, alongside existing investors Octopus Ventures, Playfair, and Techstars.
The substantial funding injection is earmarked to propel Sprout.ai’s go-to-market strategy, fueling accelerated growth, and reinforcing its commitment to ongoing investment in product innovation and artificial intelligence (AI). Furthermore, the insurtech aims to diversify its offerings into new insurance lines and expand its global footprint, with a specific focus on penetrating the North American market.
Sprout.ai stands out with its patented technology, harnessing the power of Generative AI and LLMs (Large Language Models) for claims assessment and AI model training. The infusion of funds from this round, spearheaded by Amadeus and Praetura, will specifically enhance Sprout.ai’s Claim Extraction module, leveraging Generative AI to extend self-service capabilities for model training and process automation.
As the insurtech continues to carve its path in transforming claims processing, the timing aligns with the projections for the global claims processing software market. Anticipated to reach a staggering $73 billion by 2030, the market is expected to witness a robust annual growth rate of 8.3% from 2021 to 2030.
Sprout.ai’s latest funding milestone solidifies its position as a key player in the insurtech landscape, with a clear trajectory toward reshaping the future of claims processing through cutting-edge technology and strategic expansion initiatives.
Speaking about the round, Roi Amir, CEO of Sprout.ai, said: “We process thousands of claims globally with our solution every day and millions of policyholders receive fast and accurate decisions as a result. 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’.”
David Foreman, Managing Director of Praetura Ventures, commented, saying: “Sprout.ai has grown at an impressive pace, and is now eyeing global expansion. There is a huge market potential in the global claims software sector, and with the team’s commitment to innovation and exceptional service, they are uniquely positioned to take advantage of the growing demand for their services. We look forward to supporting them with the funding, network and expertise to help them to achieve their ambitions.”
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.”
Author: Joanna England
