Tractable raises $65 million led by Softbank
Tractable closed a $65 million Series E investment led by SoftBank Vision Fund 2. Existing investors Insight Partners and Georgian participated in the round.
Founded in 2014, Tractable operates in the space of visual AI assessment, using property images to estimate damage and repairs.
The company says it Tractable’s AI reviews user-submitted photos of cars and homes captured via smartphone and recommends decisions based on damage severity. The company also uses its AI solutions in the auto collision sector to accelerate repairs and salvage vehicle parts for reuse and resale. Last year, Tractable expanded the application of its technology to assess the condition of homes to accelerate recovery after property damage occurs.
Since its Series D funding round in July 2021, Tractable secured additional customers, working with American Family Insurance and Aviva, as well as automotive companies in recycling, repair and retail. The company now processes more than $7 billion in annualized auto and home repairs and acquisitions, more than doubling the volume of claims processed by Tractable compared to one year ago.
Bottom Line: There aren’t many companies that have developed in the last ten years that provide insurance claims technology and have achieved unicorn status. One is Tractable that claimed a $1b valuation in 2021, however it might be more popular outside of the US market.
