Sprout.ai, formerly BlockClaim, has completed its second seed funding round with a total of $2.5m.

The insurtech is offering Contextual AI, a system that enables insurance claims to be settled within just 24 hours.

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Amadeus Capital partners led the round and was also joined by Playfair Capital and Techstars.

The investment enables Sprout.ai to build a data science and engineering team, expand its sales operations and enter the US market. Furthermore, the expansion idea was inspired by its confidence that demand for insurance automation will be intensified by the Covid-19 pandemic.

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.”

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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.”

Sprout.ai rebrand

The new name is supposed to point to the technology’s ability to leverage the unstructured data underlying every insurance claim. The firm uses AI techniques, such as natural language processing and optical character recognition, to boost “data sprouts” from individual claims by up to 300%. This is achieved with real-time information sourced from web-based and public data sources.

Founded in 2018, Sprout.ai’s data insights provide insurers with rapid claims automation, alongside enhanced fraud detection and security.