Tractable – a leader in artificial intelligence (AI) using computer vision to assess the condition of cars and homes – recently announced a $65 million Series E investment led by SoftBank Vision Fund 2. The existing investors Insight Partners and Georgian participated in the round. As part of the transaction, Nahoko Hoshino, Investment Director for SoftBank Investment Advisers will join the Tractable board.
This investment represents the latest milestone in Tractable’s growth journey. And the company recently brought on Venkat Sathyamurthy as Chief Product Officer (formerly head of platform at Adobe), Mohan Mahadevan as Chief Science Officer (formerly computer vision lead at Amazon) and Andrew Shimek as President to oversee global operations and sales.
Tractable plans to use the new funding round to accelerate its research and development capabilities, creating new features that power the end-user experience to provide instant, comprehensive and integrated vehicle assessments.
Even though significant growth is forecasted for the global insurance market – anticipated to generate $4.3 trillion in premiums by 2040 – the insurance claims process remains manual, time-consuming, and costly for insurers and policyholders. And to mitigate these challenges so claims are settled with higher accuracy and greater efficiency, Tractable is digitizing the full claims journey through visual AI assessment.
Trained with millions of data points, Tractable’s AI reviews user-submitted photos of cars and homes captured via smartphone and recommends decisions based on damage severity. And any time a driver needs the condition of their vehicle appraised, Tractable’s AI provides a frictionless process that’s up to 10x faster. The company also uses AI solutions in the auto collision sector to accelerate repairs and salvage vehicle parts for reuse and resale.
Last year, Tractable expanded its services to assess the condition of homes to accelerate recovery after property damage occurs. And since its Series D funding round in July 2021, Tractable has continued to grow its product offerings and secure global industry-leading customers, working with top P&C insurers, including American Family Insurance and Aviva, and leading automotive companies in recycling, repair, and retail. Now the company processes over $7 billion in annualized auto and home repairs and acquisitions, doubling the volume of claims processed by Tractable compared to one year ago.
KEY QUOTES:
“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.”
— Alex Dalyac, CEO and co-founder of Tractable
“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.”
— Nahoko Hoshino, Investment Director, for SoftBank Investment Advisers
