This post is by Natasha Lomas from Fundings & Exits – TechCrunch
London-based insurtech AI startup Tractable, which is applying artificial intelligence to speed up accident and disaster recovery by using computer vision to perform visual damage appraisal instead of getting humans to do the job, has closed a $25 million Series C, led by Canadian investment fund Georgian Partners.
Existing investors also participated, including Insight Partners and Ignition Partners. The round nearly doubles the 2014-founded startup’s total funding, taking it to $55M raised to date.
When TechCrunch spoke to Tractable’s co-founder and CEO Alexandre Dalyac, back in 2018, he said the company’s aim is to speed up insurance-related response times around events like car accidents and natural disasters by as much as 10x.
Two years on the startup isn’t breaking out any hard metrics — but says its product is used by a number of multinational insurance firms, including Ageas in the UK, France’s Covéa, Japan’s Tokio Marine and Polish insurer Talanx-Warta — to analyse vehicle damage “effectively and efficiently”.
It also says the technology has been involved in accelerating insurance-related assessments for “hundreds of thousands of people worldwide”.
Tractable’s pitch is that AI appraisals of damage to vehicles/property can take place via its platform “in minutes”, thereby allowing for repairs to begin sooner and people’s livelihoods to be restored more quickly.
Though, of course, if the AI algorithm denies a person’s claim the opposite would happen.
The startup said its new funding will go on expanding its market footprint. Continue reading “Tractable claims $25M to sell damage-assessing AIs to more insurance giants”