London insurtech company secures $2.5m funding for US expansion

A London insurance technology company has announced that it has completed a $2.5m seeding round to build its team and expand into the US.

Sprout AI - previously called BlockClaim - is a contextual artificial intelligence platform which allows users to settle insurance claims.

The investment will allow Sprout.ai to build a world-class data science and engineering team, expand its sales operations and move into the US market.

This expansion is based on its confidence that demand for insurance automation will be positively impacted by the current pandemic.

The funding round was led by Amadeus Capital Partners, a specialist in deep tech investing, joined by Playfair Capital and Techstars.

Niels Thoné, CEO of Sprout.ai, commented: “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 at 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.”