The UK startup Tractable, developing AI for accident and disaster recovery, today announces a new Series C investment of approximately €22.7 million, led by Georgian Partners, and with participation from existing investors, including Insight Partners and Ignition Partners. The round nearly doubles the total raised by Tractable, to over €50 million.
Tractable, founded in 2014, uses AI to look at photos of damage and predict repair costs, whether the accident was ‘man-made’ or from a natural disaster. By providing this data to the largest insurers worldwide, claims are settled quickly and efficiently, which in turn helps repair livelihoods faster after the stress of an accident. The technology is the brainchild of a team of researchers from Oxford and Cambridge, who have established offices in the UK and US and recently opened a permanent office in Japan, with over 90+ people now working for the startup.
The investment will accelerate Tractable’s expansion into new markets from the nine countries in which it currently operates. Accidents and disasters affect hundreds of millions of people every year, with a worldwide financial impact reaching almost €1 trillion, and recovery for those affected always starts with a visual appraisal. Tractable’s AI is trained on millions of examples, allowing accurate identification of damage and prediction of repair costs, while improving appraisal efficiency and customer experience.
Alex Dalyac, CEO 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.”
Tractable’s AI is used today by global leaders – including Ageas in the UK, France’s Covéa, Japan’s Tokio Marine and Polish insurer Talanx-Warta – to analyse vehicle damage effectively and efficiently.
Emily Walsh, Principal at Georgian Partners 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.”
Lonne Jaffe, Managing Director at Insight Partners and Tractable Board Director, 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.”