Based out of London, Tractable develops artificial intelligence for accident and disaster recovery. Recently, the company has secured a $25 million (approx €23 million) Series C investment, led by Georgian Partners with participation from existing investors, including Insight Partners and Ignition Partners. This brings the amount raised to $55 million (approx €50.2 million).
As per the company claims, the funding will accelerate Tractable’s expansion into new markets from the nine countries in which it currently operates.
For the uninitiated, 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.
In this regard, Tractable’s AI uses computer vision to appraise the damage. Models are trained on millions of examples, allowing accurate identification of loss and prediction of repair costs, while improving appraisal efficiency and customer experience.
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 in 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.
Tractable’s AI is used today by global leaders – including Ageas in the UK, France’s Covéa, Japan’s Tokio Marine, and Polish insurer Talanx-Warta – to analyse vehicle damage effectively and efficiently. The UK company has offices in London, New York City, and Tokyo.
Main image credits: Tractable
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