Tractable secures £50m Series E funding from SoftBank to advance artificial intelligence capabilities
SoftBank Vision Fund 2 led the Series E round with participation from Insight Partners and Georgian.
Tractable develops artificial intelligence technology using computer vision to evaluate the condition of vehicles and residential properties. Its platform automates insurance claims and damage assessments for industry participants.
Tractable has secured £50m in a Series E funding round led by SoftBank Vision Fund 2, with continued participation from existing backers Insight Partners and Georgian. The company applies computer vision and artificial intelligence to automate insurance claims and damage assessments for cars and properties. The fresh capital will be directed towards advancing research and development to deliver more comprehensive vehicle assessment features.
Operating across automotive and property ecosystems, Tractable processes billions of pounds in annual repairs and acquisitions. The latest transaction follows a period of executive appointments and commercial expansion into property damage assessment. SoftBank's investment brings deep sector expertise and network access as the firm seeks to scale its operations globally.
Nahoko Hoshino of SoftBank Investment Advisers will join the board of directors as part of the transaction. Tractable works with major insurers such as Aviva and American Family Insurance, providing technology that accelerates repair timelines and improves claims efficiency.
From the founder
"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 at Tractable
Investor perspective
"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, SoftBank Vision Fund 2
Use of funds
- 01Fund research and development
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