Reinsurance News

AI insurtech Tractable raises $60m in funding

18th June 2021 - Author: Matt Sheehan

Tractable, an AI company that assists insurers with accident and disaster recovery, has raised $60 million in a Series D investment round led by Insight Partners and Georgian.

The round more than doubles the total amount of funding raised by Tractable from $55 million to $115 million and values the company at $1 billion.

Tractable’s AI works by analysing photos of vehicles that have been damaged in accidents to predict factors such as whether a car is repairable, or assessing what repairs should take place.

This latest investment is expected to help Tractable focus on its core business of accident recovery, while also funding new AI solutions for assessing the condition of a car to inform sale and purchase decisions.

In addition, the round will fund the application of Tractable’s technology to assess homes, with plans already in place to work with a global insurer based in Japan for homeowners impacted by typhoons.

Tractable has recorded 600% revenue growth in the past 24 months, with customers now including GEICO, Tokio Marine Nichido, Mitsui Sumitomo, Aioi Nissay Dowa and Sompo Japan, Covéa, Admiral Seguros, and Ageas.

“Six years ago we founded Tractable to bring the AI breakthrough in image classification to the real world,” said Alex Dalyac, CEO and founder of Tractable.

“We cracked how to assess cars, helping over a million people recover from accidents, and helping recycle cars that couldn’t be repaired. We’ve turned $55M raised until now into $1B of valuation. And yet, there are other image recognition tasks out there, and more AI breakthroughs to come. Next up for us is homes.”

Lonne Jaffe, Managing Director at Insight Partners and Tractable Board member, also commented: “Tractable’s accelerating growth at scale is a testament to the power and differentiation of their applied machine learning system, which continues to improve as more businesses adopt it. We’re excited to double down on our partnership with Tractable as they work to help the world recover faster from accidents and disasters that affect hundreds of millions of lives.”

Emily Walsh, Partner at Georgian Partners, added: “Tractable’s industry-leading computer vision capabilities are continuing to fuel incredible customer ROI and growth for the firm. We’re excited to continue to partner with Tractable as they apply their artificial intelligence capabilities to new, multi-billion dollar market opportunities in the used vehicle and natural disaster recovery industries.”

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