StageSeries D | Alive
Last Raised$60M | 2 yrs ago
Tractable develops artificial intelligence (AI) systems for accident and disaster recovery. Its AI tools help to accelerate processes involving visual inspection and appraisal. The company was founded in 2014 and is based in London, United Kingdom.
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.
The automated vehicle inspection market provides advanced technology solutions to help auto repair shops inspect and assess vehicles without human intervention. It involves the use of sophisticated systems, sensors, and artificial intelligence algorithms to evaluate the condition and performance of automobiles. These systems can automatically detect and analyze various aspects such as emissions, s…
Tractable named as Leader among 13 other companies, including Landing AI, Claim Genius, and Click-Ins.
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Tractable's Products & Differentiators
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.
Research containing Tractable
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CB Insights Intelligence Analysts have mentioned Tractable in 10 CB Insights research briefs, most recently on May 17, 2023.
May 17, 2022 reportAI 100: The most promising artificial intelligence startups of 2022
Apr 11, 2022The top 100 AI startups of 2021: Where are they now?
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.
Unicorns- Billion Dollar Startups
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
This collection includes startups selling AI SaaS, using AI algorithms to develop their core products, and those developing hardware to support AI workloads.
250 of the top fintech companies transforming financial services
Tractable has filed 15 patents.
The 3 most popular patent topics include:
- Vehicle insurance
- Machine learning
Software patent law, Digital photography, Exoplanets, HD 40307, Pictor (constellation)
Software patent law, Digital photography, Exoplanets, HD 40307, Pictor (constellation)
Latest Tractable News
May 24, 2023
Redeem now Tractable, a computer vision startup, has laid off a chunk of its workforce, the company confirmed. Last valued at $1 billion, Tractable uses AI to help insurance companies assess damage to cars or homes. The layoffs come despite a broader trend of investors rushing to throw cash at AI startups. Tractable, a startup focused on AI and computer vision, has laid off a chunk of its workforce, the company confirmed to Insider. Founded in 2015 by CEO Alex Dalyac, chief technology officer Razvan Ranca, and ex-president Adrien Cohen, Tractable uses artificial intelligence to analyze photos of damage to cars and homes to help insurers accurately gauge repair costs. The company is primarily based in New York and London. In a statement to Insider, Tractable confirmed that it downsized its teams on two occasions; it cut 10 to 15 staffers in September 2022, followed by a larger cut to its teams in January 2023. The company declined to confirm numbers due to ongoing regional workplace laws, which mean the layoffs process is ongoing in different countries. In total, the reductions spanned seven countries. "Letting go of team members is always a painfully difficult decision to make, but like many tech companies, we have had to adapt as markets and VCs move from rewarding growth regardless of losses, to rewarding profit," a Tractable representative told Insider. "Taking these steps allowed us to prepare for a challenging economic environment and to position ourselves for strategic growth in 2023." Like many of its growth-stage peers, Tractable benefited from tech's bull run in 2021, cinching a $60 million Series D from New York-based private equity firm Insight Partners and Toronto-based venture firm Georgian. The round valued the company above $1 billion. But the startup has not been immune to the effects of the global tech downturn, which has culled VC investment into startups and seen tech firms layoff almost 200,000 employees globally in 2023, per layoffs tracker Layoffs.fyi . Asked if the company has retained its $1 billion-plus valuation, the representative told Insider: "Tractable was valued at $1 billion the last time we raised funds in June 2021. "The entire tech market is now valued at different revenue multiples than in mid-2021 and Tractable is no exception." And as is common in growth-stage companies, Tractable remains loss-making, according to accounts for its UK entity filed with Companies House for the year ended December 2021. The firm lost £15.7 million (around $19.4 million) on revenue of £13.2 million (around $16.2 million), steeper than its loss of £6.7 million (around $8.2 million) on revenue of £8.7 million (around $10.8 million) the prior year. The growing losses were partly down to a near-doubling of the startup's administrative expenses year on year, which include staffing costs. In its 2021 financials, Tractable stated that the firm could continue operating as a going concern even if its losses continue, due to a $40 million revolving credit facility. Additional filings with Companies House in late 2022 list the Canadian Imperial Bank of Commerce as a lender. Tractable declined to comment on whether it had raised further equity or debt financing. The layoffs come despite increased investor appetite for startups developing AI, fueled by the release of ChatGPT in November 2022. During the first three months of 2022, investors poured $24.1 billion into AI and machine learning startups; that traction has held a year on, with AI and machine-learning startups bagging $25.2 billion, according to Dealroom . Sign up for notifications from Insider! Stay up to date with what you want to know. Subscribe to push notifications
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 D.
How much did Tractable raise?
Tractable raised a total of $119.83M.
Who are the investors of Tractable?
Investors of Tractable include Ignition Partners, Insight Partners, Georgian, Tech Nation Future Fifty, Plug and Play Ventures and 9 more.
Who are Tractable's competitors?
Competitors of Tractable include Ravin.ai, UVeye, MotionsCloud, Bdeo, Claim Genius and 13 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.
Compare Tractable to Competitors
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.
Ravin provides automated artificial intelligence solutions. The company offers monitoring vehicles for car rental, leasing, and commercial fleets. It uses computer vision and machine learning to detect and analyze vehicle damage. Ravin.ai was founded in 2018 and is based in Austin, Texas.
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.
ControlExpert is a full-service provider to the automotive industry based in Langenfeld, Germany. It develops multifaceted products and services for insurance companies, fleet operators, leasing firms, repair shops, car dealerships, automotive manufacturers, and motor vehicle experts.
RiparAutOnline is a Turin-based auto repair platform. Users can request a quote for the maintenance of cars and bikes and compare the quotes received by choosing the most convenient.
MotionsCloud helps property and vehicle inspection teams to streamline and automate inspection processes. The company develops tools to empower inspection teams to be efficient and effective. It offers a mobile claims adjustment application for insurance properties and contents claims. The company was founded in 2016 and is based in Munich, Germany.
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