Tractable, a London, UK-based artificial intelligence (AI) startup utilizing computer vision for assessing the condition of cars and homes, secured $65 million in Series E funding.
The round was led by SoftBank Vision Fund 2, with participation from existing investors Insight Partners and Georgian. As part of the deal, Nahoko Hoshino, Investment Director for SoftBank Investment Advisers, will join Tractable's board.
The newly acquired funds will be used to expedite its research and development efforts. The focus will be on developing new features that enhance the end-user experience, providing instant, comprehensive, and integrated vehicle assessments.
Leveraging its AI trained on extensive data points, Tractable analyzes user-submitted photos of cars and homes captured via smartphones and recommends decisions based on the severity of the damage.
Tractable's AI streamlines the appraisal process for vehicle conditions, delivering results up to 10 times faster. The company also applies its AI solutions in the auto collision sector to expedite repairs and salvage vehicle parts for reuse and resale.
In addition to its work in the automotive industry, Tractable expanded its technology's application to assess the condition of homes, facilitating faster recovery after property damage incidents.
Alex Dalyac, CEO and co-founder of Tractable said: "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."
Company: Tractable, Ltd.
Raised: $65.0M
Round: Series E
Funding Month: July 2023
Lead Investors: SoftBank Vision Fund 2
Additional Investors: Insight Partners and Georgian
Company Website: https://tractable.ai/
Software Category: AI-powered Accident and Disaster Recovery Platform
About the Company: Founded in 2014, Tractable is an Applied AI company that uses the speed and accuracy of artificial intelligence to visually assess cars and homes. Its solutions aim to help people work faster and smarter while reducing friction and waste – better for businesses and the planet. Trained on millions of data points, Tractable's AI-powered solutions process more than $7 billion in vehicle repairs and purchases annually, and connect everyone involved in insurance, repairs, and sales of cars and properties. Tractable's AI automates the insurance claims and damage assessment process, enabling real-time condition assessment and accurate repair estimates based on images captured via smartphone.
Source: https://www.prnewswire.com/news-releases/tractable-ai-raises-65m-in-series-e-funding-led-by-softbank-vision-fund-2--investment-to-power-next-generation-ai-for-instant-visual-assessments-within-the-automotive-and-property-ecosystems-301879017.html