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Tractable Bags $25M for Market Expansion
Insurtech AI startup Tractable has secured $25 million to boost company expansion and sell damage-assessing AIs to more insurance companies.
FREMONT, CA: The technology company developing AI for accident and disaster recovery, Tractable, has raised $25 million Series C that is led by Canadian investment fund Georgian Partners. Existing investors - Insight Partners and Ignition Partners also led this round, making the total investment received by Tractable to $55 million. The investment will expedite Tractable's expansion into new markets from the nine countries in which it currently operates. Reports revealed that accidents and disasters affect hundreds of millions of people every year, with a global financial impact exceeding $1 trillion, and recovery for the affected always starts with a visual appraisal. Tractable's AI uses computer vision to assess the damage. Models are trained on millions of instances, allowing accurate identification of prediction and damage of repair costs, while enhancing appraisal efficiency and customer experience.
"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," says Alex Dalyac, CEO and founder of Tractable.
Tractable's AI is used today by global pioneers to analyze vehicle damage efficiently and effectively. With appraisals produced via AI-driven platform in minutes, repairs can begin quickly, and people's livelihoods can be restored more soon. Lonne Jaffe, Tractable Board Director, adds, "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."
Tractable develops AI for accident & disaster recovery. From natural disasters to car accidents, the company's AI looks at photos of the damage and predicts repair costs. With Tractable's AI to the largest insurers worldwide, claims are settled quickly & efficiently, which in turn impacts livelihoods. Tractable's technology is patented and trained on one of the most extensive datasets in the industry.