The InsurTech Tractable has pulled in $60 million in fresh venture capital. Executives expect to use the money to further the company’s artificial intelligence technology for accident and disaster recovery, and also develop new products.
“There are other image recognition tasks out there, and more AI breakthroughs to come,” CEO and founder Alex Dalyac said in prepared remarks.
Insight Partners and Georgian led the Series D round. Including the new financing, Tractable has raised $115 million to date. The company also claims to be valued now at $1 billion – which is considered “unicorn” status for startups.
Tractable, which launched in 2014, develops artificial intelligence for accident and disaster recovery, and its carrier customers use its technology to make the claims process much quicker. The company said its customer base now covers insurers including GEICO and Japan’s four largers insurers: Tokio Marine Nichido, Mitsui Sumitomo, Aioi Nissay Dowa and Sompo Japan. Other Tractable clients: French auto insurer Covéa, UK insurer Ageas, and Admiral Seguros, the Spanish arm of UK-based insurer Admiral Group.
With the new cash infusion, Tractable will focus on further expansion of its existing business, but also develop AI products and services to help assess the condition of a car. This advance will allow users to understand vehicle damage down to individual parts, allowing for transparent sale and purchase decisions, Tractable said.
Tractable noted that LKQ North America, a provider of alternative vehicle parts and the world’s largest automotive recycler, already uses its artificial intelligence technology to optimize the recycling of end-of-live vehicles in North America. The company also plans to target automotive companies and auto leasing financial institutions with its expanded product line.
Additionally, Tractable plans to use the money to develop its technology for use assessing homes. The company said it will be working with an unnamed “leading global insurer” in Japan to help homeowners recover faster from a typhoon by allowing them to submit photos and obtain an AI-accelerated claim payout.
Tractable has offices in New York, London and Tokyo.