The funding will be used for the Sprout.ai go-to-market strategy, boost growth and continue investment in product innovation and AI. It will also be used to expand into new insurance lines and global territories.
UK investor Capricorn Capital Partners, US investor Forefront Venture Partners, Canada-based Verstra Ventures and British firm Portfolio Ventures Angel Fund join the existing investors.
Furthermore, Sprout.ai has patented technology that leverages Generative AI and Large Language Models (LLMs) for claims assessment and AI model training. The funding from Amadeus and Praetura will be used to build this by further leveraging Generative AI within Sprout.ai and its Claim Extraction module, extending the existing self-service capabilities for model training, and process automation.
In addition, the investment comes as the global claims processing software market is projected to reach $73bn by 2030, growing at a rate of 8.3% per year from 2021 to 2030.
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’.”
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.”
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David Foreman, managing director of Praetura Ventures, commented: “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.”