Irwin Mitchell Advises Praetura Ventures On its Latest Investment
Irwin Mitchell’s Corporate team has advised Praetura Ventures which alongside Amadeus Capital Partner has led a £5.4m funding round in Sprout.ai, the leading AI-led insurance claims automation company.
Sprout.ai's innovative solution specialises in claims process automation, empowering insurance carriers and third-party administrators to enhance operational efficiency and reduce claim handling costs by up to 50%. By automating key aspects of the claims process, Sprout.ai enables claims handlers to spend more quality time with their customers, leading to a significant reduction in claims settlement time from weeks to minutes.
The latest funding injection will fuel Sprout.ai's go-to-market strategy, accelerate its growth trajectory, and drive continued investment in product innovation and AI. Moreover, the investment will facilitate Sprout.ai's expansion into new insurance lines and global territories, with a particular focus on North America.
UK investor Capricorn Capital Partners, US investor Forefront Venture Partners, Canadian investor Verstra Ventures and UK investor Portfolio Ventures Angel Fund join Sprout.ai’s existing investors, Octopus Ventures, Playfair and Techstars in the round.
Sprout.ai's cutting-edge technology leverages Generative AI and Large Language Models (LLMs) for claims assessment and AI model training. The investment from Amadeus Capital Partners and Praetura Ventures will further enhance Sprout.ai's Claim Extraction module, augmenting the existing self-service capabilities for model training and process automation. This development comes at a time when the global claims processing software market is projected to reach $73 billion by 2030, growing at an annual rate of 8.3% from 2021 to 2030.
Corporate associate Gregory Mazgajczyk worked alongside partner Adam Kaucher on the deal.
Expert Opinion"Sprout.ai's impressive growth and pioneering approach to insurance claims automation have positioned them as a leader in the industry. This funding round will enable them to expand their global footprint and continue to revolutionise the way claims are processed. We are proud to continue working with Praetura Ventures and to have advised on this significant investment." Gregory Mazgajczyk Corporate associate at Irwin Mitchell
David Foreman, Managing Director of Praetura Ventures, added: "Sprout.ai has exhibited impressive growth and is now poised for global expansion. The global claims software sector presents tremendous market potential, and with Sprout.ai's commitment to innovation and exceptional service, they are uniquely positioned to capitalize on the growing demand for their services. We are delighted to support them with the funding, network, and expertise to help them achieve their ambitions."
Roi Amir, CEO of Sprout.ai, said: “