An AI company helping insurers with accident and disaster recovery has raised £43 million in Series D investment led by Insight Partners and Georgian.
Tractable, which has now raised a total of $115m, is now valued at $1 billion – making it the UK’s first computer vision unicorn.
When drivers get into an accident, they (or their repairer) can submit photos of the damage to their insurer, which Tractable’s AI analyses in real time to accelerate decisions that can otherwise take days, such as predicting whether the car is repairable, or assessing what repairs should take place.
Over 20 of the global top 100 auto insurers use Tractable today to help their customers get back to normal faster after an accident.
The investment will serve firstly to double down on accident recovery, the company’s core business. It will also fund new AI solutions for assessing the condition of a car, allowing users to understand vehicle damage down to individual parts – to enable transparent sale and purchase decisions.
LKQ North America, the leading provider of alternative vehicle parts and the world’s largest automotive recycler, already uses Tractable’s AI to optimise the recycling of end-of-life vehicles in North America.
Automotive companies and auto leasing financial institutions will also be able to benefit from the technology.
In addition, the round will fund the application of Tractable’s technology to assess homes. Working with a leading global insurer based in Japan, Tractable will help homeowners recover faster from a typhoon by allowing them to submit photos and obtain an AI-accelerated claim payout.
Tractable has recorded 600% revenue growth in the past 24 months, in part through attracting new customers such as GEICO, the second-largest auto insurer in the US. Other customers include Tokio Marine Nichido, Mitsui Sumitomo, Aioi Nissay Dowa and Sompo Japan, the four largest P&C insurers in Japan; Covéa, the largest auto insurer in France; Admiral Seguros, the Spanish entity of UK leader Admiral Group; and Ageas, a top UK insurer.
Alex Dalyac, CEO and founder of Tractable, said: “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.”
While most of its 200 staff are located in the UK, over 90% of its revenues are generated abroad. Its founders – Alex Dalyac (French), Razvan Ranca (Romanian) and Adrien Cohen (French) – are all EU nationals.
Lonne Jaffe, Managing Director at Insight Partners and Tractable Board member, said: “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 said: “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.”