Sprout raised £8 million in a Series A round led by Octopus Ventures.

Sprout.ai, a London, UK-based developer of insurance claims settlement solutions, announced completing series A round worth £8 million ($11.1M).

The money was raised from investors led by the London-based early stage investors from Octopus Ventures, joined by Amadeus Capital Partners, Playfair Capital, and Techstars.

Sprout.ai, founded as BetClaim in 2018 by CEO Niels Thone and Raphael Guth, developed a software solution used to processing backend fraud detection for insurance policies. The company's technology is able to read, contextualise, and action insurance claims and facilitates a settlement within 24 hours or less.

Sprout previously raised $2.5 million in 2020.