Tractable, an established leader in the application of artificial intelligence (AI) to assess the condition of cars and properties, has just announced its latest fundraising success.
The London-based AI company successfully raised $65m in a Series E funding round. The funding was spearheaded by the SoftBank Vision Fund 2, and included contributions from existing investors, namely Insight Partners and Georgian. As part of the deal, Nahoko Hoshino from SoftBank Investment Advisers will join Tractable’s board.
Pioneering in the InsurTech industry, Tractable uses AI to streamline the insurance claims and damage assessment process. The AI technology allows for real-time assessment of conditions and provides accurate repair estimates based on images captured via smartphone. The system has been adopted by a variety of leading P&C insurers, as well as automotive and property companies.
The newly secured funding will propel Tractable’s growth across both the automotive and property ecosystems. The aim is to apply its innovative AI technology to vehicles and properties in need of repair, protection, recycling, or sale, optimising the end-user experience with instant, comprehensive and integrated assessments.
Despite promising growth predictions for the global insurance market, the current claims process remains manual, costly and time-consuming for insurers and policyholders alike. By digitising this journey with AI visual assessments, Tractable seeks to increase efficiency and accuracy. The company’s AI reviews smartphone-captured photos of cars and homes and makes decisions based on the severity of the damage, speeding up the process by a factor of ten.
In addition to these remarkable advancements, Tractable has recently expanded its leadership team. This includes the appointment of Venkat Sathyamurthy as Chief Product Officer, Mohan Mahadevan as Chief Science Officer, and Andrew Shimek as President of Global Operations and Sales.
“Tractable’s AI has helped millions recover faster from accidents and natural disasters. In SoftBank we have a partner who understands the full application set of our technology at a granular level, combined with deep networks within the InsurTech, automotive and property sectors. I’m excited by what we can achieve in redefining trust and transparency to support people in managing the life cycles of their cars and homes,” said Tractable CEO and co-founder, Alex Dalyac.
Nahoko Hoshino, Investment Director for SoftBank Investment Advisers, added, “We are excited to work with Alex, Razvan and team, who have been the forerunners of applying AI computer vision to bring efficiency into the insurance claims management process via applying AI computer vision. As strong believers in AI technology, we see huge potential for the technology to scale globally, embedding AI adoption into other verticals through exploring new use cases. Tractable already has strong traction in auto, whereas property is the exciting new opportunity that is ripe for disruption.”
Since its previous Series D round in July 2021, Tractable has made substantial progress, more than doubling the volume of claims processed compared to a year ago, and expanding its client base to include top P&C insurers and leading automotive companies. The company now processes over $7bn in annualised auto and home repairs and acquisitions.
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