Existing investors Insight Partners and Georgian also participated in the funding round. Tractable utilizes artificial intelligence (AI) for visual claims assessments and disaster recovery in the insurance industry. The newly acquired funds will be used to accelerate research and development efforts, focusing on creating new features that enhance the end-user experience by providing instant, comprehensive, and integrated vehicle assessments.
This investment marks a significant milestone in Tractable’s growth journey. Since its Series D funding round in July 2021, the company has expanded its product offerings and established partnerships with top property and casualty insurers such as American Family Insurance and Aviva, as well as leading automotive companies in the recycling, repair, and retail sectors.
Tractable aims to address the manual, time-consuming, and costly nature of the insurance claims process by digitising the entire journey through visual AI assessment. Tractable’s AI is trained on millions of data points and can review user-submitted photos of cars and homes captured via smartphones to determine damage severity and provide recommendations. The company’s AI solutions have been successful in expediting vehicle appraisals, accelerating repairs and salvage operations in the auto collision sector, and assessing property damage for faster recovery.
Tractable now processes over $7 billion in annualised auto and home repairs and acquisitions, doubling the volume of claims processed compared to a year ago. SoftBank’s investment underscores its belief in the potential of AI technology to revolutionize the insurance industry and the opportunity for Tractable to expand its applications in other sectors. Nahoko Hoshino, Investment Director at SoftBank Investment Advisers, has joined the Tractable board as part of the transaction.
”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,” said Alex Dalyac, CEO and co-founder of Tractable.
Nahoko Hoshino, investment director, for SoftBank Investment Advisers, who has joined the Tractable board as part of the transaction, said: ”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.”
Hoshino added: “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.”
