Tractable Becomes World’s First Computer Vision Unicorn for Financial Services
- Tractable raises $60M Series D round led by Insight Partners and Georgian, valuing company at $1B, as a result of 600% revenue growth in past 24 months
- Working with insurers, Tractable's core products let users submit photos of damaged cars to obtain immediate AI appraisals
- Investment will accelerate Tractable's growth in accident recovery, and fund expansion into buying/selling used cars as well as natural disaster recovery
NEW YORK, June 17, 2021 /PRNewswire/ -- Tractable, the AI company helping insurers with accident and disaster recovery, today announces a $60M Series D investment led by Insight Partners and Georgian. The round doubles the total raised by Tractable from $55M to $115M and values the company at $1B – making it the world's first computer vision 'unicorn' for financial services.
When drivers get into an accident, they (or their repairer) can submit photos of the damage to their insurer, which Tractable's AI analyzes in real time to accelerate decisions that can otherwise take days, such as predicting whether the car is repairable, or assessing what repairs should take place. Over 20 of the global top 100 auto insurers use Tractable today to help their customers get back to normal faster after an accident.
The investment will serve firstly to double down on accident recovery, the company's core business. It will also fund new AI solutions for assessing the condition of a car, allowing users to understand vehicle damage down to individual parts - to enable transparent sale and purchase decisions. LKQ North America, the leading provider of alternative vehicle parts and the world's largest automotive recycler, already uses Tractable's AI to optimize the recycling of end-of-life vehicles in North America. Automotive companies and auto leasing financial institutions will also be able to benefit from the technology.
In addition, the round will fund the application of Tractable's technology to assess homes. Working with a leading global insurer based in Japan, Tractable will help homeowners recover faster from a typhoon by allowing them to submit photos and obtain an AI-accelerated claim payout.
Tractable has recorded 600% revenue growth in the past 24 months, in part through attracting new customers such as GEICO, the second-largest auto insurer in the US. Other customers include Tokio Marine Nichido, Mitsui Sumitomo, Aioi Nissay Dowa and Sompo Japan, the four largest P&C insurers in Japan; Covéa, the largest auto insurer in France; Admiral Seguros, the Spanish entity of UK leader Admiral Group; and Ageas, a top UK insurer.
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, said: "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 said: "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."
Tractable develops artificial intelligence systems for accident and disaster recovery. Its AI solutions process over $2B a year in vehicle repairs and purchases, and have been deployed by over 20 of the global top 100 insurers across Europe, North America and Asia, helping millions of households recover from accidents faster.
About Insight Partners:
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
At Georgian, we're building a platform to identify and accelerate the best growth-stage software companies. We believe that a digital approach can provide a better experience of growth capital to software company CEOs and their teams.
We invest in high growth companies across North America that harness the power of data and trust. Based in Toronto, Georgian's team brings together software entrepreneurs, machine learning experts, experienced operators and investment professionals.