This brings the insurtechs funding total to $55m
Insurtech Tractable has announced a series C investment of $25m (£20m).
It was led by Georgian Partners with participation from its existing investors – Insight Partners and Ignition Partners. Series C funding rounds are reserved for more established businesses, as opposed to series B which are for startups.
The funding round almost doubles Tractable’s total to $55m (£42m), and will help it to expand into new markets from the nine countries that it currently operates in.
It will also allow the insurtech to further scale artificial intelligence (AI) for accident and recovery globally, the company said.
Lonne Jaffe, managing director at Insight Partners and Tractable board director, said: “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.”
Tractable uses AI software to view images of vehicle damage and makes an assessment of the damage within seconds.
Tractable’s AI is used by Ageas, Covéa, Tokio Marine and insurer Talanx-Warta. It analyses vehicle damage, it uses computer vision to appraise the damage. Its appraisals are produced through its AI-driven platform in minutes, repairs can begin sooner, and people’s livelihoods can be restored more quickly.
Alex Dalyac, chief executive and founder of Tractable, said that the insurtechs mission “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. 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,” he said.
Emily Walsh, principal at Georgian Partners 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.
“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.”
Dalyac, Razvan Ranca and Adrien Cohen founded Tractable back in 2014, in addition to its offices in the UK and US, Tractable has recently established a permanent office in Japan, enabling it to serve new clients in the Asia region.
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