Tractable is a London-based AI company that helps insurers with accident and disaster recovery. The company just announced a $60 million (nearly £43 million) in a Series D funding round led by Insight Partners and Georgian.
UK’s first computer vision unicorn
The investment comes after the $25 million Series C funding it raised back in 2020. This funding round takes the total funding raised by the company to $115 million (nearly £82 million) and values it over $1 billion, thereby making it the first computer vision unicorn in the UK.
Tractable will use the funds to double down on accident recovery, its core business. Also, it will fund new AI solutions for assessing the condition of a car, allowing users to understand vehicle damage down to individual parts, thereby enabling transparent sale and purchase decisions. It will also be used to fund the application of Tractable’s technology to assess homes.
Alex Dalyac, CEO and founder of Tractable, said: “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 $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.”
Lonne Jaffe, Managing Director at Insight Partners and Tractable Board member, said: “Tractable’s accelerating growth at scale is a testament to the power and differentiation of their applied machine learning system, which continues to improve as more businesses adopt it. 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.”
Emily Walsh, Partner at Georgian Partners said: “Tractable’s industry-leading computer vision capabilities are continuing to fuel incredible customer ROI and growth for the firm. 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.”
600% growth in revenue!
Tractable will help homeowners recover faster from a typhoon by allowing them to submit photos and obtain an AI-accelerated claim payout. When drivers get into an accident, they (or their repairer) can submit photos of the damage to their insurer. Tractable’s AI will analyse these photos in real-time to accelerate decisions such as predicting whether the car is repairable, or assessing what repairs should take place. Traditionally, this process takes days. Over 20 of the global top 100 auto insurers use Tractable today to help their customers get back to normal faster after an accident.
Tractable, founded by Aldex Dalyac, Razvan Ranca, and Adrien Cohen in 2014, has recorded 600% revenue growth in the past 24 months. It attracted new customers including GEICO, the second-largest auto insurer in the US; 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, a top UK insurer. While most of its 200 staff are located in the UK, over 90% of its revenues are generated abroad.
Also, LKQ North America, the leading provider of alternative vehicle parts and the world’s largest automotive recycler, already uses Tractable’s AI to optimise the recycling of end-of-life vehicles in North America. Automotive companies and auto leasing financial institutions will also be able to benefit from the technology.
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