Tractable Raises $25 Million To Further Scale AI For Accident And Disaster Recovery

Tractable Raises $25 Million To Further Scale AI For Accident And Disaster Recovery

by NeoTech Post

Tractable, which applies AI to speed up accident and disaster recovery by using computer vision to perform visual damage appraisal instead of getting humans to do the job, raised $25 million in Series C funding.

Georgian Partners led the funding round with participation from existing investors, including Insight Partners and Ignition Partners. 

Founded in 2014, Tractable has raised $55 million to date, including a $20 million Series B funding round in July 2018, led by Insight Venture Partners. 

The company plans to use the latest funds to expand into new markets. 

Accidents and disasters affect hundreds of millions of people every year, with a worldwide financial impact exceeding $1 trillion, and recovery for those affected always starts with a visual appraisal. Tractable’s AI uses computer vision to appraise the damage. Models are trained on millions of examples, allowing accurate identification of damage and prediction of repair costs while improving appraisal efficiency and customer experience.

Leading insurers (including Ageas, Covéa, Tokio Marine, and Talanx-Wartancluding) have deployed the Tractable AI solutions across Europe, North America, and Asia to analyze vehicle damage effectively and efficiently.

Alex Dalyac, CEO and founder of Tractable, said: “Our mission at Tractable is to bring AI breakthroughs to real-world problems and by doing so, make a positive difference to people’s lives. We’re achieving that every day, as our technology means people across the world are recovering their livelihoods more quickly after an accident.” 

“This new investment from Georgian Partners, who have a standout track record in investing in software companies, shows informed investors believe we will scale our success even further and reach new markets, new clients, and new areas to operate in.”