Tractable, an AI-based solution which supports insurance claims by analysing images of damage, has raised up to $25m in funding.
London-based Tractable has raised the funds through contributions of 13 backers, according to the latest US SEC filing. Its is unclear through the filing if the funding has closed; however, the company’s LinkedIn page states it ‘recently closed $20m in venture capital.’
The company uses AI technology to analyse accidents and disaster recovery through photos of damage and predicts the costs of repair. Its technology supports claims of car accidents and natural disasters such as floods and hurricanes.
Founded in 2014, Tractable works by the collision repairer uploading an estimate and images of the damage to the claims management system. The AI then compares the images and estimate and judges what the correct price should be for repair. To support disaster analysis, Tractable’s AI can work on images and data from satellites, drones and smartphones.
Last year, the company raised $8m in a Series A round led by Ignition Partners. Zetta Venture Partners was also among other backers to the round. The company previously raised $1.9m in a seed round led by Zetta in 2015.
Fellow InsurTech company TowerIQ collected $2m in seed funding last week, with Hyperplane Venture Capital and Vestigo Ventures contributing. The company partners with insurance brokers, agents and carriers to offer modern consumer experiences to policyholders.
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