Sprout.ai raises $2.5 million

Sprout.ai, the insurance startup applying AI to insurance claims, has raised $ 2.5 million in a round led by Amadeus Capital Partners, with participation from Playfair Capital and Techstars.

Founded in 2018, Sprout.ai, which used to be called BlockClaim, offers an AI-based software that allows insurance claims to be resolved in “just 24 hours.” The software uses natural language processing and optical character recognition to understand unstructured claim data, and then combines this with external real-time data such as geolocation, weather, drug and business information, to automate claims or redirect them for further human analysis.

Originally, BlockClaim positioned itself as “the first hybrid artificial intelligence and blockchain technology solution developed for the insurance industry,” which allows insurers to “simultaneously detect fraudulent claims and process claims in record time thanks to groundbreaking capabilities such as intelligent claims-routing and self-learning fraud detection.” With the name change, it looks like Sprout.ai has given up on blockchain – “In the three years since BlockClaim’s inception, change has been the only constant in the insurtech world. Over the past year, our emphasis has moved firmly towards contextual AI, and the name change from BlockClaim to Sprout.ai reflects our overriding goal of enriching insights through cultivating data seeds that our technology harvests from a variety of sources.”

Bottom Line: the startup is planning to launch in the US.