Tractable, an InsurTech developing artificial intelligence for accident and disaster recovery, nailed down $25 million in new venture financing. The money infusion will be used to accelerate a push into new markets.
Georgian Partners led the Series C investment, though existing investors including Insight Partners and Ignition Partners both participated. Including the new investment, UK-based Tractable has raised $55 million.
“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” in which to operate,” Tractable founder and CEO Alex Dalyac said in prepared remarks.
Tractable said it will use its new investment to expand beyond the nine countries in which it currently operates. The company said insurers in Europe, North America and Asia have used its artificial intelligence for accident and disaster recovery to accelerate the accident recovery process for “hundreds of thousands of households.” Those clients have included Ageas in the UK, France’s Covea, Japan’s Tokio Marine and Polish insurer Talanx-Warta, all of whom have used Tractable to analyze vehicle damage.
The company explains its tech platform as using computer vision to appraise damage, with models trained on millions of examples. This process enables accurate identification of damage and prediction of repair costs, and Tractable asserts it also improves appraisal efficiency and customer experience.
Tractable launched in 2014, founded by Dalyac, Razvan Ranca and Adrien Cohen. The company has offices in London, New York City and Tokyo.
Source: Tractable