London, UK-based company which specializes in artificial intelligence (AI) using computer vision to assess the condition of cars and homes, Tractable AI, raised USD 65 million in Series E funding. The round took place on July 18, 2023. SoftBank Vision Fund 2 led the financing for the company. Existing investors such as Insight Partners and Georgian provided the investment.
As part of the deal, Nahoko Hoshino, Investment Director for SoftBank Investment Advisers, intends to join the Tractable board.
Purpose of financing for Tractable AI
With the latest financing, Tractable AI seeks to fuel its research and development capabilities. It also has plans to create new features that power the end-user experience to provide instant, comprehensive and integrated vehicle assessments.
What the company’s official has to add
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, combining 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.”
What the investors have to add
Nahoko Hoshino, Investment Director for SoftBank Investment Advisers, further said, “We are excited to work with Alex, Razvan and the 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 the company
Adrien Cohen, Alexandre Dalyac, and Razvan Ranca launched the company in 2014. Earlier in 2021, the company raised funds in the Series D round.
Since then, 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 currently processes more than USD 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.
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 using computer vision to assess the condition of cars and homes, Tractable AI, raised USD 65 million in Series E funding.){kind=link}