A technology company working to develop AI for accident and disaster recovery has won a $25m funding investment, near-doubling its overall total raised to $55m.
Tractable is headquartered in London, but its software is used by companies in nine different countries.
Its series C investment – lead by Georgian Partners and backed by past investors, including Insight Partners and Ignition Partners – aims to accelerate the firm’s expansion into new markets.
Founder and CEO Alex Dalyac said: “Our mission at Tractable is to bring AI breakthroughs to real-world problems and by doing so, make a positive difference to people’s lives.
“We’re achieving that every day, as our technology means people across the world are recovering their livelihoods more quickly after an accident.
“This new investment from Georgian Partners, who have a standout track record in investing in software companies, shows informed investors believe we will scale our success even further and reach new markets, new clients, and new areas to operate in.”
Accidents and disasters affect hundreds of millions of people every year, with a worldwide financial impact exceeding $1trn.
Recovery for those affected always starts with a visual appraisal, and Tractable’s AI uses computer vision to appraise the damage. Models are trained on millions of examples, allowing accurate identification of damage and prediction of repair costs, while improving appraisal efficiency and customer experience.
This AI is used today by global leaders – including Ageas in the UK, France’s Covéa, Japan’s Tokio Marine and Polish insurer Talanx-Warta – to analyse vehicle damage effectively and efficiently.
With appraisals produced through the AI-driven platform in minutes, repairs can begin sooner, and people’s livelihoods can be restored more quickly.
Dalyac, Razvan Ranca and Adrien Cohen founded Tractable in 2014, and its technology has already helped hundreds of thousands of people worldwide.
In addition to offices in the UK and US, Tractable has recently established a permanent office in Japan, enabling it to serve new clients in the Asia region.
Emily Walsh, Principal at Georgian Partners, said: “Tractable’s sophisticated approach to computer vision applied to accident recovery is resonating with the largest players globally, who are using the platform to make real-time, data-driven decisions while dramatically improving the customer experience.
“We’re incredibly excited to partner with the Tractable team to help them move even faster on bringing the next wave of technological innovation to accident and disaster recovery across the world.”
And Lonne Jaffe, Managing Director at Insight Partners and Tractable Board Director, said: “Tractable has achieved tremendous scale in the past year with a customer base across nine countries, a differentiated data asset, and the expansion of their team to over 100 employees across London, New York, and now Tokyo.
“We are excited to continue to invest in Tractable as the team brings its powerful AI technology to many more countries.”