Tractable, a New York-based company that develops artificial intelligence systems for accident and disaster recovery, raised $60M in Series D funding.
The round, which valued the company at $1 Billion, was led by Insight Partners and Georgian.
The company intends to use the funds to expand accident recovery, its core business, and develop new AI solutions for assessing the condition of a car, allowing users to understand vehicle damage down to individual parts, as well as to apply the technology to assess homes.
Led by Alex Dalyac, CEO and founder, Tractable provides insurers with artificial intelligence systems for accident and disaster recovery. 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. The company’s solutions process over $2B a year in vehicle repairs and purchases, and have been deployed by over 20 of the global top 100 insurers across Europe, North America and Asia, helping millions of households recover from accidents faster.
Customers include GEICO, Tokio Marine Nichido, Mitsui Sumitomo, Aioi Nissay Dowa and Sompo Japan, the four largest P&C insurers in Japan; Covéa, the largest auto insurer in France; Admiral Seguros, the Spanish entity of UK leader Admiral Group; and Ageas, a top UK insurer.