Insurtech firm previously known as BlockClaim completes $2.5m seed funding
Founded in 2018, Sprout.ai is a data driven platform which uses ‘Contextual AI' to settle health claims automatically. It also focuses on fraud detection and promises higher levels of security.
Based in the UK with existing health insurance partners, the technology, previously known as BlockClaim, is designed to integrate with existing claims software.
Amadeus Capital Partners recently led a round of seed funding, joined by Playfair Capital and Techstars, to raise $2.5m.
Niels Thoné, CEO of Sprout.ai, said: "Amadeus Capital Partners has shown confidence in our future by backing us again. They have a track record of taking tech companies global and are the right partner for Sprout.ai as we enter this crucial next phase of our development.
"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. Sprout.ai can help insurers meet the challenges they face, working in tandem with their existing IT infrastructure."
To avoid potential conflicts of interest
More than a quarter upped exercise
E-signatures, medicals screenings, added-value services, remote working
No annual limit cap
For ‘standing up to task’