With £8M funding, London insurtech Sprout.ai intends to speed up insurance claims process

London-based insurtech Sprout.ai that assures to settle insurance claims process in just 24 hours has now announced to have bagged £8 million in Series A funding.

The investment round was led by Octopus Ventures, one of the largest and most active early-stage investors in Europe. Even existing investors, including Amadeus Capital Partners, Techstars and Playfair Capital, also participated in the round.

Sprout.ai will use the investment to support hiring and plans to recruit top talent into its product, operations, delivery, and technical teams. Also, it intends to grow its enterprise sales and partner networks. Apparently, the insurtech company intends to make sure that customers can receive the solution quickly by accelerating pipeline deployment and customer onboarding. Sprout.ai also announced that it would use the investment in R&D with an increased focus on OCR and NLP. This way, it aims to grab the position of segment leader in claims automation.

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