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Tractable, a London-based developer of artificial intelligence (AI) solutions for accident and disaster recovery, has announced a $60M Series D investment led by Insight Partners (New York) and Georgian (Toronto). The round doubles the total raised by Tractable from $55M to $115M and values the company at $1B, which a Tractable statement says makes the company the world’s first computer vision “unicorn” for financial services.
Tractable’s AI analyzes accident photos in real time with the objective of accelerating decisions that coulld otherwise take days, such as predicting whether the car is repairable, or assessing what repairs should take place. Tractable reports that over 20 of the global top 100 auto insurers use its technology today.
Tractable says the investment will be used focused on the company’s core business, accident recovery. The company says the Series D round 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, a Chicago-based provider of alternative vehicle parts and the world’s largest automotive recycler, already uses Tractable’s AI to optimize the recycling of end-of-life vehicles in North America, Tractable reports. Automotive companies and auto leasing financial institutions will also be able to benefit from the technology, according to the vendor
The round will also be used fund the application of Tractable’s technology to assess homes, the vendor adds. Working with a 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 says.
Tractable has recorded 600 percent revenue growth in the past 24 months, in part through attracting new customers such as GEICO, the second-largest auto insurer in the U.S. Other customers include Tokio Marine Nichido, Mitsui Sumitomo, Aioi Nissay Dowa and Sompo Japan, the four largest property/casualty insurers in Japan; Covéa, the largest auto insurer in France; Admiral Seguros, the Spanish entity of U.K. insurer Admiral Group; and Ageas, a prominent U.K. insurer.
“Six years ago we founded Tractable to bring the AI breakthrough in image classification to the real world,” comments Alex Dalyac, CEO and founder, Tractable. “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.”
Differentiation of Applied ML System
Tractable’s accelerating growth at scale is a testament to the power and differentiation of its applied machine learning system, which continues to improve as more businesses adopt it, according to Lonne Jaffe, Managing Director, Insight Partners and Tractable Board member. “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.”
“Tractable’s industry-leading computer vision capabilities are continuing to fuel incredible customer ROI and growth for the firm,” comments Emily Walsh, Partner, Georgian. :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.”