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Founded Year

2014

Stage

Series E | Alive

Total Raised

$184.83M

Last Raised

$65M | 7 mos ago

About Tractable

Tractable develops artificial intelligence (AI) systems for accident and disaster recovery. Its AI tools help to accelerate processes involving visual inspection and appraisal and cater its services to insurance and automotive companies. The company was founded in 2014 and is based in London, U.K.

Headquarters Location

5 Appold Street, Broadwalk House Liverpool Street

London, England, EC2A 2DA,

United Kingdom

+44 20 3603 4460

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Tractable's Product Videos

ESPs containing Tractable

The ESP matrix leverages data and analyst insight to identify and rank leading companies in a given technology landscape.

EXECUTION STRENGTH ➡MARKET STRENGTH ➡LEADERHIGHFLIEROUTPERFORMERCHALLENGER
Insurance / P&C Insurance Tech

The virtual auto claims assessment market automates the analysis and assessment of auto insurance claims. These vendors typically use augmented reality and computer vision to analyze property claims data submitted by policyholders or adjusters. Additionally, some of these platforms have the ability to capture real-time data, from sources like telematics sensors, at scale. Insurance companies can b…

Tractable named as Leader among 15 other companies, including Verisk, CCC Intelligent Solutions, and Snapsheet.

Tractable's Products & Differentiators

    AI Review

    AI Review allows insurers to evaluate and audit their entire claims process, helping them identify inefficiencies and detect leakage. This advance can increase the speed of review of claims from days to minutes, removing inefficiencies from the process and helping customers get back on the road more quickly.

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Expert Collections containing Tractable

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Tractable is included in 7 Expert Collections, including Unicorns- Billion Dollar Startups.

U

Unicorns- Billion Dollar Startups

1,229 items

A

AI 100

399 items

Winners of CB Insights' annual AI 100, a list of the 100 most promising AI startups in the world.

I

Insurtech

4,196 items

Companies and startups that use of technology to improve core and ancillary insurance operations. Companies in this collection are creating new product architectures, improving underwriting models, accelerating claims and creating a better customer experience

A

Artificial Intelligence

11,616 items

Companies developing artificial intelligence solutions, including cross-industry applications, industry-specific products, and AI infrastructure solutions.

F

Fintech

12,502 items

Excludes US-based companies

F

Fintech 100

749 items

250 of the most promising private companies applying a mix of software and technology to transform the financial services industry.

Tractable Patents

Tractable has filed 20 patents.

The 3 most popular patent topics include:

  • insurance
  • machine learning
  • vehicle insurance
patents chart

Application Date

Grant Date

Title

Related Topics

Status

2/1/2022

2/13/2024

Classification algorithms, Statistical classification, Machine learning, Insurance, Artificial intelligence

Grant

Application Date

2/1/2022

Grant Date

2/13/2024

Title

Related Topics

Classification algorithms, Statistical classification, Machine learning, Insurance, Artificial intelligence

Status

Grant

Latest Tractable News

Tractable: $65 Million Raised To Utilize AI For Assessing The Condition Of Cars And Homes

Aug 3, 2023

Tractable – a leader in artificial intelligence (AI) using computer vision to assess the condition of cars and homes – recently announced a $65 million Series E investment led by SoftBank Vision Fund 2. The existing investors Insight Partners and Georgian participated in the round. As part of the transaction, Nahoko Hoshino, Investment Director for SoftBank Investment Advisers will join the Tractable board. This investment represents the latest milestone in Tractable’s growth journey. And the company recently brought on Venkat Sathyamurthy as Chief Product Officer (formerly head of platform at Adobe), Mohan Mahadevan as Chief Science Officer (formerly computer vision lead at Amazon) and Andrew Shimek as President to oversee global operations and sales. Tractable plans to use the new funding round to accelerate its research and development capabilities, creating new features that power the end-user experience to provide instant, comprehensive and integrated vehicle assessments. Even though significant growth is forecasted for the global insurance market – anticipated to generate $4.3 trillion in premiums by 2040 – the insurance claims process remains manual, time-consuming, and costly for insurers and policyholders. And to mitigate these challenges so claims are settled with higher accuracy and greater efficiency, Tractable is digitizing the full claims journey through visual AI assessment. Trained with millions of data points, Tractable’s AI reviews user-submitted photos of cars and homes captured via smartphone and recommends decisions based on damage severity. And any time a driver needs the condition of their vehicle appraised, Tractable’s AI provides a frictionless process that’s up to 10x faster. The company also uses AI solutions in the auto collision sector to accelerate repairs and salvage vehicle parts for reuse and resale. Last year, Tractable expanded its services to assess the condition of homes to accelerate recovery after property damage occurs. And since its Series D funding round in July 2021, Tractable has continued to grow its product offerings and secure global industry-leading customers, working with top P&C insurers, including American Family Insurance and Aviva, and leading automotive companies in recycling, repair, and retail. Now the company processes over $7 billion in annualized auto and home repairs and acquisitions, doubling the volume of claims processed by Tractable compared to one year ago. KEY QUOTES: “Tractable’s AI has helped millions recover faster from accidents and natural disasters. In SoftBank we have a partner who understands the full application set of our technology at a granular level, combined deep networks within the insurtech, automotive and property sectors. I’m excited by what we can achieve in redefining trust and transparency to support people in managing the life cycles of their cars and homes.” — Alex Dalyac, CEO and co-founder of Tractable “We are excited to work with Alex, Razvan and team, who have been the forerunners of applying AI computer vision to bring efficiency into the insurance claims management process via applying AI computer vision. As strong believers in AI technology, we see huge potential for the technology to scale globally, embedding AI adoption into other verticals through exploring new use cases. Tractable already has strong traction in auto, whereas property is the exciting new opportunity that is ripe for disruption.” — Nahoko Hoshino, Investment Director, for SoftBank Investment Advisers Trending on Pulse 2.0

Tractable Frequently Asked Questions (FAQ)

  • When was Tractable founded?

    Tractable was founded in 2014.

  • Where is Tractable's headquarters?

    Tractable's headquarters is located at 5 Appold Street, Broadwalk House, London.

  • What is Tractable's latest funding round?

    Tractable's latest funding round is Series E.

  • How much did Tractable raise?

    Tractable raised a total of $184.83M.

  • Who are the investors of Tractable?

    Investors of Tractable include Insight Partners, Georgian, SoftBank, Ignition Partners, Tech Nation Future Fifty and 11 more.

  • Who are Tractable's competitors?

    Competitors of Tractable include Claim Genius, Snapsheet, Bdeo, Ravin AI, UVeye and 7 more.

  • What products does Tractable offer?

    Tractable's products include AI Review and 4 more.

  • Who are Tractable's customers?

    Customers of Tractable include Tokio Marine, MSAD, Aviva and Admiral Seguros.

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Compare Tractable to Competitors

C
ClearQuote

ClearQuote develops vehicle inspection technology. Its technology determines the extent of damage to cars in case of any accident or collision and scans an entire vehicle for damage using a smartphone camera. It was founded in 2019 and is based in Chennai, India.

Inspektlabs Logo
Inspektlabs

Inspektlabs develops artificial intelligence-based automotive inspection software. It uses inspection-as-a-service software to automate photo or video-based inspection of any asset using artificial intelligence. It enables companies to perform damage detection, damage assessment, asset valuation, claim assessment, and fraud detection. It primarily serves insurance, banking, and e-commerce companies. The company was founded in 2018 and is based in Middletown, Delaware.

Snapsheet Logo
Snapsheet

Snapsheet specializes in insurance technology solutions. It enables a claim process starting with virtual estimations all the way to final repairs and payment, by generating communication between consumers, shops, and carriers. The company offers a range of services including appraisals, claims management, and payments, all aimed at managing the insurance claims process. It primarily serves the insurance industry. It was founded in 2011 and is based in Chicago, Illinois.

MotionsCloud Logo
MotionsCloud

MotionsCloud operates as an insurance technology company. It helps vehicle and property insurers, fleet operators, and automate claims processes using artificial intelligence (AI) computer vision, augmented reality, and internet of things (IoT) technology. The company was founded in 2016 and is based in Munich, Germany.

OpenClaims Logo
OpenClaims

Openclaims offers insurers, leasing companies and fleet owners an online platform to tender their customers' motor insurance claims. Body shops can acquire repair jobs that match their capacity and expertise. They can truly distinguish themselves by service excellence, repair quality, speed, punctuality and efficiency.

UVeye Logo
UVeye

UVeye operates as a computer vision technology company. It offers automated inspection systems for vehicles, utilizing artificial intelligence (AI) and proprietary hardware to detect vehicle issues and security-related threats. Its major products are Apollo, Helios, and Atlas Lite. Its services primarily cater to vehicle manufacturers, dealerships, fleet companies, and logistical centers. The company was founded in 2014 and is based in Teaneck, New Jersey.

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