InsurTech 50 firm Tractable has raised £50 million in Series E investment.
The company is a leader in artificial intelligence using computer vision to assess the condition of cars and homes.
The round was led by SoftBank Vision Fund 2. Existing investors Insight Partners and Georgian participated, while Nahoko Hoshino, investment director for SoftBank Investment Advisers, will join the Tractable board.
Tractable recently brought on Venkat Sathyamurthy, formerly head of platform at Adobe, as chief product officer. Mohan Mahadevan, formerly computer vision lead at Amazon, also joined as chief science officer while Andrew Shimek was appointed president to oversee global operations and sales.
Tractable will use the new funds to accelerate its research and development capabilities, creating new features that power the end-user experience to provide instant, comprehensive and integrated vehicle assessments.
Trained on millions of data points, Tractable’s AI reviews user-submitted photos of cars and homes captured via smartphone and recommends decisions based on damage severity. It claims the process is sped up 10x while the company also uses its AI solutions in the auto collision sector to accelerate repairs and salvage vehicle parts for reuse and resale.
Last year, Tractable expanded the application of its technology to assess the condition of homes to accelerate recovery after property damage occurs.
Since its Series D funding round in July 2021, Tractable has continued to grow its product offerings and secure global industry-leading customers, working with the likes of American Family Insurance and Aviva, as well as leading automotive companies in recycling, repair and retail.
The company now processes more than $7 billion in annualised auto and home repairs and acquisitions, more than doubling the volume of claims processed by Tractable compared to one year ago.
“Tractable’s AI has helped millions recover faster from accidents and natural disasters,” said Alex Dalyac, CEO and co-founder. “In SoftBank we have a partner who understands the full application set of our technology at a granular level, combined 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.”
Hoshino 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.”