Insurance claims platform Sprout.ai has rebranded from BlockClaim alongside the close of its second seed round.
The investment, which closed on $2.5m, was led by Amadeus Capital Partners and also received support from Playfair Capital and Techstars.
With the funds, the startup will look to enhance its data science and engineering team, and increase its sales operations. The London-based company also hopes to move into the US market.
The InsurTech changed its name is to highlight the company’s shift towards greater emphasis on contextual AI technology. It claims the name also expresses its desire to leverage unstructured data underlying in each insurance claim.
Sprout.ai CEO Niels Thoné said, “The name change is the first of many steps Sprout.ai will take as it continues to grow its client base across multiple continents.”
Founded in 2018, the InsurTech offers data-driven actionable insights to provide insurers with rapid claims automation and enhanced fraud detection capabilities. It claims to help P&C and health insurers settle claims within 24 hours.
Amadeus Capital Partners principal Amelia Armour said, “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.”
Last year, the InsurTech secured £500,000 in a seed round from Amadeus Capital Partners, Pragmatica and a number of angel investors.
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