UK-based insurtech Tractable has raked in $25m in Series C funding to further scale artificial intelligence (AI) technology for accident and disaster recovery.
The funding round was led by Georgian Partners. It was joined by the company’s existing investors including Insight Partners and Ignition Partners.
The insurtech firm, with the latest funding round, has raised a total amount of $55m to date.
The company currently operates in nine countries and will use funds to foray into new markets.
Tractable founder and CEO Alex Dalyac said: “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.”
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The insurer said that every year millions of people are affected by accidents and disasters with a financial impact exceeding $1trn worldwide.
Since a visual appraisal is the beginning of recovery for those affected, the company’s AI uses computer vision to evaluate the damage.
Its AI-driven platform produces efficient appraisals in minutes, allowing accurate identification of damage and prediction of repair costs.
The company’s offering is currently being used by major like Ageas, Covéa, Tokio Marine, and Talanx-Warta to analyse vehicle damages.
Tractable has a team of more than 100 employees across London, New York, and now Tokyo, where it recently set up a permanent office to serve Asian clients.
Georgian Partners Principal Emily Walsh said: “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.