Tractable hits $1bn valuation after latest round
Tractable, a London-based technology company developing AI for accident and disaster recovery, has raised $60 million Series D funding at a valuation of $1 billion - becoming the UK’s first computer vision unicorn.
The round, led by Insight Partners and Georgian, doubles the total raised by Tractable from $55 million to $115 million.
Tractable said the investment will accelerate its growth in accident recovery, and fund expansion into buying/selling used cars as well as natural disaster recovery.
Working with insurers, Tractable’s core products enables users to submit photos of damaged cars to obtain immediate AI appraisals.
Additionally, the company is working with a global insurer based in Japan to help homeowners recover faster from a typhoon by allowing them to submit photos and obtain an AI-accelerated claim payout.
Tractable claims to have recorded 600 percent revenue growth in the past two years, in part through attracting new customers such as US auto insurer GEICO. Other customers include Tokio Marine Nichido, Mitsui Sumitomo, Aioi Nissay Dowa and Sompo Japan, Covéa, Admiral Seguros, and Ageas.
Alex Dalyac, CEO and founder of Tractable, said: “Six years ago we founded Tractable to bring the AI breakthrough in image classification to the real world. We cracked how to assess cars, helping over a million people recover from accidents, and helping recycle cars that couldn’t be repaired. We’ve turned $55M raised until now into $1B of valuation. And yet, there are other image recognition tasks out there, and more AI breakthroughs to come. Next up for us is homes.”
Lonne Jaffe, managing director at Insight Partners and Tractable Board member, added: “Tractable’s accelerating growth at scale is a testament to the power and differentiation of their applied machine learning system, which continues to improve as more businesses adopt it. We’re excited to double down on our partnership with Tractable as they work to help the world recover faster from accidents and disasters that affect hundreds of millions of lives.”
Emily Walsh, Partner at Georgian Partners, commented: “Tractable’s industry-leading computer vision capabilities are continuing to fuel incredible customer ROI and growth for the firm. We're excited to continue to partner with Tractable as they apply their artificial intelligence capabilities to new, multi-billion dollar market opportunities in the used vehicle and natural disaster recovery industries.”
