Tractable, a London-headquartered startup that uses AI and computer vision to assess condition of cars and homes has raised $65 million in a Series E round led by SoftBank’s Vision Fund 2, it announced in a statement today. The round also includes participation from existing investors including Insight Partners and Georgian. The financing comes a little over two years after Tractable raised its $60 million Series D that valued the company at $1 billion.
Founded in 2014 by Alexandre Dalyac, Razvan Ranca, and Adrien Cohen, Tractable reviews photos of cars and homes submitted by users to assess damages (mainly for insurance companies) and recommend decisions. The company’s AI platform, it claims, is trained on millions of data points and helps drivers get their vehicles appraised through a frictionless process that is up to 10x faster than conventional means. Tractable’s AI solutions are also used in the auto collision sector to expedite repairs and recover vehicle parts for reuse and sale.
The company claims to be working with top P&C insurers (including American Family Insurance and Aviva), and automotive companies in recycling, repair and retail. It said in a statement that it has doubled (year-over-year) the volume of claims processed to $7 billion in annualized auto and home repairs and acquisitions.
Alex Dalyac, the co-founder and CEO of the company, commenting on the announcement, 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, combined 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.”
Nahoko Hoshino, Investment Director, for SoftBank Investment Advisers, who is joining the company’s board as part of the deal, added, “We are excited to work with Alex, Razvan and 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.”
Tractable plans to use the latest funds to accelerate its R&D capabilities and create new features that provide instant, comprehensive and integrated vehicle assessments.
The company had laid off some of its workforce just two months ago.