London-based accident and disaster recovery platform Tractable has raised $60 million in a Series D funding round led by Insight Partners and Georgian. The company reports that the new funding will be used to further focus on its core business, auto accident recovery. Partnering with a leading insurer in Japan, Tractable will also use the funding to apply its technology to home-based claims. Over the course of 9 fundraising rounds, the firm has bagged $119.9 million and is now valued at $1 billion. As of today, Tractable becomes the UK’s first computer vision unicorn.
Founded in 2014 by Adrien Cohen, Alexandre Dalyac, and Razvan Ranca, Tractable harnesses the power of AI to expedite the decision process in insurance claims. If you’ve ever filed a claim with an insurer, you know the dreaded process that this can be. Tractable is fixing that.
Using AI to analyse accident photos, Tractable can (almost) instantly assess if a car is repairable, and if so, what repairs need to be made. Over 20 of the global top 100 auto insurers use Tractable today, including the US’s second-largest carrier, Geico.
The firm also counts 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, amongst its client base.
“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 $55 million raised until now into $1 billion of valuation. And yet, there are other image recognition tasks out there, and more AI breakthroughs to come. Next up for us is homes,” concludes CEO Alex Dalyac.