With the round of investment, the total of funds raised by Tractable has reached $55m
Tractable, a startup in the development of artificial intelligence (AI) for accident and disaster recovery, has secured $25m in series C funding round led by Georgian Partners with participation from existing investors, including Insight Partners and Ignition Partners.
With this round of investment, the amount of funds raised by Tractable has reached $55m. Tractable develops AI for accident and disaster recovery, operating from its offices in London, New York City and Tokyo.
Established by Alex Dalyac, Razvan Ranca and Adrien Cohen in 2014, Tractable has helped several hundreds of thousands of people across the world.
Its AI-based solutions are being used by leading insurers across Europe, North America and Asia to accelerate accident recovery for hundreds of thousands of households.
New funding to accelerate Tractable’s expansion into new markets
The latest round of investment will be used by the start-up to expand into new markets from the nine countries in which it operates presently.
Tractable CEO and founder 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.”
Tractable’s AI uses computer vision to appraise the damage that people face from accidents and disasters.
In developing the technology, models are trained on millions of examples, which allow for accurate identification of damage and prediction of repair costs, while improving appraisal efficiency and customer experience.
The firm claims that its AI is now being used by global insurers such as Ageas in the UK, Covéa in France, Japan’s Tokio Marine and Polish insurer Talanx-Warta, for analysing vehicle damage effectively and efficiently.
Georgian Partners principal Emily Walsh 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.”