UK-based AI insurtech Tractable has secured $65m in funding in its Series E financing round to expedite its research and development expertise.
The funding round was led by SoftBank Vision Fund 2 and joined by the company’s existing investors, namely Insight Partners and Georgian.
As a part of the deal, SoftBank Investment Advisers’ investment director Nahoko Hoshino will become part of Tractable’s board.
Tractable CEO and co-founder Alex Dalyac 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.”
Founded in 2014, Tractable develops AI technologies that enable remote visual inspection of vehicle and property situations, including damage following storms, accidents, or other incidents.
The company’s AI technologies enable evaluation of the state on a real-time basis and provide precise repair estimates using smartphone-captured photographs by automating insurance claims and damage assessment activities.
Tractable is using its AI solutions in the auto accident industry to speed up repairs and the recovery of vehicle parts that can be used again and sold later.
Tractable said it will use the proceeds to develop new features that enhance the end-user experience to offer quick and integrated vehicle assessments.
In 2022, the company expanded its technology for evaluating the condition of homes to expedite recovery following property damage.
The latest development comes after US-based property and casualty insurer American Family Insurance collaborated with Tractable to optimise claims processes.