London-based Tractable, the insurtech developing AI for accident and disaster recovery, has received $25 million (£19.41 million) in funding.
Georgian Partners led the series C funding round, with participation from existing investors, including Insight Partners and Ignition Partners. The round nearly doubles the total raised by Tractable, to $55 million (£42.7 million).
Tractable’s AI is used by Ageas in the UK, France’s Covéa, Japan’s Tokio Marine and Polish insurer Talanx-Warta to analyse vehicle damage effectively and efficiently. Models are trained on millions of examples, allowing accurate identification of damage and prediction of repair costs, while improving appraisal efficiency and customer experience.
Alex 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.
Tractable plans to use the investment to speed up its expansion into new markets from the nine countries in which it currently operates.
Dalyac, chief executive officer and founder of Tractable, 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.”
Emily Walsh, principal at Georgian Partners, commented: “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.”
Lonne Jaffe, managing director at Insight Partners and board director at Tractable, 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.”