Startup Tractable has today announced that it has raised $25m in a Series C investment round to further its artificial intelligence (AI) to assist with accident and disaster recovery.
Tractable AI uses computer vision to assess damage to vehicles, buildings and infrastructure and provide rapid predictions of repair costs, speeding up the recovery process.
The funding round was led by Georgian Partners, with existing investors Insight Partners and Ignition Partners also participating, bringing the total raised by the startup to $55m.
Tractable is already operating in nine countries, with clients largely in the insurance market, including Ageas, Tokio Marine and Talanx-Warta.
Investment to see Tractable bring AI to new markets
The funding raised today will enable the company to expand into new markets, with particular opportunities in the accident recovery space.
“Tractable’s sophisticated approach to computer vision applied to accident recovery is resonating with the largest players globally, who are using the platform to make real-time, data-driven decisions while dramatically improving the customer experience,” said Emily Walsh, Principal at Georgian Partners.
“We’re incredibly excited to partner with the Tractable team to help them move even faster on bringing the next wave of technological innovation to accident and disaster recovery across the world.”
However, its potential in the disaster recovery space is also significant.
“Our mission at Tractable is to bring AI breakthroughs to real-world problems and by doing so, make a positive difference to people’s lives. We’re achieving that every day, as our technology means people across the world are recovering their livelihoods more quickly after an accident,” said Alex Dalyac, CEO and founder of Tractable.
“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 to operate in.”