London’s developer of artificial intelligence-powered solutions for accident and disaster recovery Tractable has raised $65 million in a Series E funding round. The UK’s first computer vision unicorn intends to use the investment to accelerate its R&D capabilities. Since mid-2015 the firm has raised approximately $185 million.
Tractable’s $65 million Series E round was led by Japanese investment powerhouse SoftBank through its Vision Fund 2, with existing investors Insight Partners and Georgian participating.
Despite posting a $32 billion loss in the financial year ending March, SoftBank’s interest in Tractable has legs, as it was announced in conjunction with the company’s $60 million Series D round that the firm had partnered with a leading insurer in Japan, specifically to apply its technology to home-based claims. The firm currently lists Tokio Marine Insurance Group, Mitsui Sumitomo Insurance, Aioi Nissay Dowa Insurance, and Sompo amongst its client base.
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.
Operating in a market that is anticipated to generate $4.3 trillion in premiums by 2040, today Tractable claims to process more than $7 billion in annualised auto and home repairs and acquisitions, a figure that’s more than doubled year-over-year.
“Tractable’s AI has helped millions recover faster from accidents and natural disasters. 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,” commented Tractable CEO and co-founder Alex Dalyac.