Israeli-Founded Insurance Tech Startup Sproutt Raises $12M For Its AI-Powered Platform
Israeli-founded insurance tech startup Sproutt (formerly Aktibo) announced last week that it has raised a $12 million Series A round in funding led by Israeli early-stage venture capital firm State of Mind Ventures (SMOV), US tech VC Moneta Capital, and Guardian Life, a New York-based insurance company.
Founded in 2018 as Aktibo, Sproutt has developed a platform that uses artificial intelligence to discern a person’s life potential through a “Quality of Life Index” (QL Index) and match them with the best life insurance providers and policies.
Sproutt was also one of eight Israeli startups selected for the Google Startup Growth Lab in Tel Aviv in May. The four-month accelerator aimed to help startups expand and grow globally.
“Sproutt’s vision of personalized life insurance directly aligns with Guardian’s focus on providing an exceptional, effortless customer experience,” said Andrew McMahon, executive vice president at Guardian Life insurance company said. “We began working with Sproutt in 2018 and soon realized the potential impact their technology could have on our business and the industry at large, as evidenced by our investment. Their ambitious use of data and artificial intelligence across the customer journey is part of a broader transformation of the industry and complements our technology driven approach to customer acquisition and engagement.”
“We don’t come from the life insurance industry,” said Yoav Shaham, Sproutt’s CEO and co-founder. “But we have a lot of experience in unlocking the value of data in traditional markets. For decades life insurance providers have mainly sought to punish negative lifestyle choices such as smoking when calculating pricing. As crazy as it sounds, until now the industry has almost never even tried to reward people for being healthy; for being active, eating and sleeping well, or living a balanced life. Sproutt ensures that people who make positive lifestyle choices that improve their longevity are supported and rewarded with the best policies and that they adopt these good behaviors, as it means that we all will have increasingly less expenses.”