Founder: Raphael Guth, Niels Thone and Gregoire Cadel
The Business: A claims automation platform that helps to detect fraud and settle claims in as little as 24 hours.
About Sprout AI
Founded in 2018, Sprout.ai, previously known as BlockClaim, is an InsurTech startup revolutionising the way insurance claims are settled. The company uses Contextual AI to help settle insurance claims in just 24 hours.
Sprout.ai CEO Niels Thoné states that “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 continents.”
The startup was initially developed at Imperial College London, and offers customers a whole host of benefits, including reductions in settlement times, reductions in operational costs, enhanced fraud detection and an industrial-grade of security.
Earlier this year, Sprout.ai announced a successful funding round that raised $2.5 million, led by deep tech investing specialist Amadeus Capital Partners, stating that “Now more than ever, insurers will be looking at operational savings and efficiency gains […] Sprout.ai can help insurers meet the challenges they face, working in tandem with their existing IT infrastructure.”
The money from this funding will reportedly be used to expand its operations, and further help the startup to enter the US market.