Insurance AI firm Tractable raises £19.3m
A London tech firm developing AI for accident and disaster recovery has announced a £19.3m investment.
Tractable, which uses computer vision to appraise damage, hopes speed up the claims process by removing the need for an insurance representative to inspect damage to houses and vehicles.
After a customer uploads photos of damage related to an insurance claim, its AI models - trained on millions of examples - provide a prediction of repair costs.
The Series C was led by Georgian Partners with participation from existing investors, including Insight Partners and Ignition Partners. The round nearly doubles the total raised by the firm, to $55m.
Founded in 2014 by machine learning graduates Razvan Ranca from Cambridge and Alex Dalyac from Imperial College London, beside ex-Goldman Sachs Adrien Cohen, the company currently operates in nine countries.
The investment will be used to accelerate expansion into new markets from the countries it currently operates in.
Alex Dalyac, CEO and founder of Tractable, said: “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.”
Its technology is used by Ageas in the UK, France’s Covéa, Japan’s Tokio Marine and Polish insurer Talanx-Warta.
Lonne Jaffe, Managing Director at Insight Partners and Tractable Board Director, added: “Tractable has achieved tremendous scale in the past year with a customer base across nine countries, a differentiated data asset, and the expansion of their team to over 100 employees across London, New York, and now Tokyo.
We are excited to continue to invest in Tractable as the team brings its powerful AI technology to many more countries.”