London insurtech becomes “UK’s first computer vision unicorn” following $600m investment
A London-headquartered AI company has become a unicorn following its latest multi-million pound fundraise.
Insurtech business Tractable has been valued at $1bn following a $60m Series D funding round led by Insight Partners and Georgian.
Tractable allows drivers and repairers to submit photos of vehicle damage to insurers, which the firm’s AI technology analyses in real time to accelerate repair decisions.
The new investment will be used to enhance the firm’s core business of accident recovery. It will also fund new AI solutions for assessing the condition of a car, enabling users to understand vehicle damage down to individual parts.
Alex Dalyac, CEO and founder of Tractable, commented: “Six years ago we founded Tractable to bring the AI breakthrough in image classification to the real world.
“We cracked how to assess cars, helping over a million people recover from accidents, and helping recycle cars that couldn’t be repaired.
“We’ve turned $55m raised until now into $1bn of valuation. And yet, there are other image recognition tasks out there, and more AI breakthroughs to come. Next up for us is homes
Lonne Jaffe, managing director at Insight Partners and Tractable board member, added: “Tractable’s accelerating growth at scale is a testament to the power and differentiation of their applied machine learning system, which continues to improve as more businesses adopt it.
“We’re excited to double down on our partnership with Tractable as they work to help the world recover faster from accidents and disasters that affect hundreds of millions of lives.”
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