Tractable raises a $60 million at a $1 billion valuation

London-based Tractable which develops AI for accident and disaster recovery closed a $60 million Series D investment led by Insight Partners and Georgian. The round doubles the total raised by Tractable from $55 million to $115 million and values the company at $1 billion; making it the world’s first computer vision ‘unicorn’ for financial services.

When drivers get into an accident, they (or their repairer) can submit photos of the damage to their insurer, which Tractable’s AI analyzes in real-time to accelerate decisions that can otherwise take days, such as predicting whether the car is repairable, or assessing what repairs should take place. Over 20 of the global top 100 auto insurers use Tractable today to help their customers get back to normal faster after an accident.

The investment will serve firstly to double down on accident recovery, the company’s core business. It will also fund new AI solutions for assessing the condition of a car, allowing users to understand vehicle damage down to individual parts – to enable the transparent sale and purchase decisions. LKQ North America, the leading provider of alternative vehicle parts and the world’s largest automotive recycler, already uses Tractable’s AI to optimize the recycling of end-of-life vehicles in North America. Automotive companies and auto leasing financial institutions will also be able to benefit from the technology.