Tractable raises $65M Series E round led by SoftBank Vision Fund 2, with participation from existing investors Insight Partners and Georgian
Tractable’s AI automates the insurance claims and damage assessment process, enabling real-time condition assessment and accurate repair estimates based on images captured via smartphone
Working with leading P&C insurers, automotive and property companies, this investment will accelerate Tractable’s expansion across the auto and property ecosystems to apply AI to cars and homes that need to be repaired, protected, recycled or sold
NEW YORK, July 18, 2023 /PRNewswire/ — Tractable, a leader in artificial intelligence (AI) using computer vision to assess the condition of cars and homes, today announces a $65M Series E investment led by SoftBank Vision Fund 2. Existing investors Insight Partners and Georgian participated in the round. As part of the transaction, Nahoko Hoshino, Investment Director for SoftBank Investment Advisers will join the Tractable board.
Today’s investment represents the latest milestone in Tractable’s growth journey. The company recently brought on Venkat Sathyamurthy as Chief Product Officer (formerly head of platform at Adobe), Mohan Mahadevan as Chief Science Officer (formerly computer vision lead at Amazon) and Andrew Shimek as President to oversee global operations and sales. Tractable will use the new funds to accelerate its research and development capabilities, creating new features that power the end-user experience to provide instant, comprehensive and integrated vehicle assessments.
Tractable announces a $65M Series E investment led by SoftBank Vision Fund 2.
Despite significant growth forecasted for the global insurance market, which is anticipated to generate $4.3 trillion in premiums by 20401, the insurance claims process remains largely manual, time-consuming and costly for both insurers and policyholders. To mitigate these challenges so claims are settled with higher accuracy and greater efficiency, Tractable is digitizing the full claims journey through visual AI assessment.
Trained on millions of data points, Tractable’s AI reviews user-submitted photos of cars and homes captured via smartphone and recommends decisions based on damage severity. Any time a driver needs the condition of their vehicle appraised, Tractable’s AI provides a frictionless process that’s up to 10x faster. The company also uses its AI solutions in the auto collision sector to accelerate repairs and salvage vehicle parts for reuse and resale.
Last year, Tractable expanded the application of its technology to assess the condition of homes to accelerate recovery after property damage occurs.
Since its Series D funding round in July 2021, Tractable has continued to grow its product offerings and secure global industry-leading customers, working with top P&C insurers, including American Family Insurance and Aviva, as well as leading automotive companies in recycling, repair and retail. The company now processes more than $7 billion in annualized auto and home repairs and acquisitions, more than doubling the volume of claims processed by Tractable compared to one year ago.
Alex Dalyac, CEO and co-founder of Tractable, said: “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. I’m excited by what we can achieve in redefining trust and transparency to support people in managing the life cycles of their cars and homes.”
Nahoko Hoshino, Investment Director, for SoftBank Investment Advisers, said: “We are excited to work with Alex, Razvan and team, who have been the forerunners of applying AI computer vision to bring efficiency into the insurance claims management process via applying AI computer vision. As strong believers in AI technology, we see huge potential for the technology to scale globally, embedding AI adoption into other verticals through exploring new use cases. Tractable already has strong traction in auto, whereas property is the exciting new opportunity that is ripe for disruption.”
About Tractable
Tractable is an Applied AI company that uses the speed and accuracy of artificial intelligence to visually assess cars and homes. Our solutions aim to help people work faster and smarter, while reducing friction and waste – better for businesses and the planet.
Trained on millions of data points, Tractable’s AI-powered solutions process more than $7 billion in vehicle repairs and purchases annually, and connect everyone involved in insurance, repairs, and sales of cars and properties.
Founded in 2014, Tractable is the AI tool of choice for over 20 world-leading insurance and automotive companies, including over 10 of the Fortune Global 500. Backed by SoftBank, Insight Partners and other top-tier investors, our world-class research and engineering team is based in London, with offices across North America, Asia and Europe.
To learn more about Tractable and schedule an AI demo, visit tractable.ai
You can also follow us on LinkedIn and Twitter.
About Insight Partners
Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of December 31, 2022, the firm has over $75B in regulatory assets under management. Insight Partners has invested in more than 750 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and Palo Alto. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with right-sized, right-time practical, hands-on software expertise along their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
About Georgian
Georgian invests in high-growth B2B software companies that are harnessing the power of data in a trustworthy way and aim to use AI to drive value. Our technology platform seeks to identify and accelerate leading growth-stage software companies. We believe that a digital approach can provide a better experience of growth capital to software company CEOs and institutional investors. Based in Toronto, Georgian’s team brings together investors with machine learning professionals, software entrepreneurs and experienced operators. Founded in 2008, Georgian has US$6.3B AUM, as of December 31, 2022, and has made 67 investments with 26 exits across 8 funds. Visit www.georgian.io
1 https://www.swissre.com/institute/research/sigma-research/sigma-2021-04/sigma4-in-5-charts.html
SOURCE Tractable
