Venture Capital: U.K.-Based Tractable Scores $60 Million For AI Processing of Motor Claims
Tractable becomes the first British computer vision company to achieve unicorn status.
Tractable, an AI company that works with insurers to accelerate claims processing, announced today its Series D round of $60 million led by Insight Partners and Georgian. The round tagged the startup with a value of $1 billion, making it the world’s first computer vision ‘unicorn’ for financial services. (CISION PRNewswire)
The round comes after the company reported 600% revenue growth over the past 24 months. It added GEICO, the second-largest auto insurer in the US as a new customer. It already counts top P&C insurers in Japan, and large insurers across France, Spain, and the UK, among its clients.
The cumulative amount raised by Tractable now stands at $115 million.
Auto insurance technology
Tractable’s AI analyses motor damage photographs in real-time to generate reports on the quantum of repairs that need to be undertaken.
According to the company, over 20 of the top global 100 auto insurers use its technology to accelerate claims assessment.
Use of funds
Tractable will use the funds to further develop its accident recovery business as well as innovative new AI solutions for car damage assessment in a transparent manner.
Alex Dalyac, CEO and founder, said in a statement: “Six years ago we founded Tractable to bring the AI breakthrough in image classification to the real world. 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.”
The company now plans to use its technology to assess homes, such as in Japan after typhoon-inflicted damages. Homeowners can submit photographs and obtain an AI-accelerated claim payout.
Emily Walsh, Partner at Georgian Partners said Tractable would apply its AI capabilities to new, multi-billion-dollar market opportunities in the used vehicle and natural disaster recovery industries.
Lonne Jaffe, Managing Director at Insight Partners and Tractable Board member, said Tractable’s applied machine learning system was continuing to improve as more businesses adopted it.
Related Story: Spanish Insurer Settles Auto Claims Using Tractable AI
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