First computer vision AI ‘unicorn’ for financial services
Working with insurers, the company’s core products let users submit photos of damaged cars to obtain immediate AI appraisals. When drivers get into an accident, they (or their repairer) can submit photos of the damage to their insurer, which the company’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 funding round, led by venture capital and private equity firm Insight Partners and fintech company Georgian, doubles the total previously raised by Tractable from $55 million to $115 million and values the company at $1 billion. The latest investment, says the company, will accelerate its growth in accident recovery, and fund expansion into buying/selling used cars as well as natural disaster recovery.
“Six years ago we founded Tractable to bring the AI breakthrough in image classification to the real world,” says Alex Dalyac, CEO and founder of Tractable. “We cracked how to assess cars, helping over a million people recover from accidents, and helping recycle cars that couldn’t be repaired. We’ve turned $55 million raised until now into $1 billion of valuation. And yet, there are other image recognition tasks out there, and more AI breakthroughs to come. Next up for us is homes.”
The investment, says the company, will serve first to double down on accident recovery, its 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 transparent sale and purchase decisions.
LKQ North America, the leading provider of alternative vehicle parts and the world’s largest automotive recycler, already uses the company’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, says the company.
In addition, the round will fund the application of the company’s technology to assess homes. Working with a leading global insurer based in Japan, the company says it will help homeowners recover faster from a typhoon by allowing them to submit photos and obtain an AI-accelerated claim payout.
The company says it has recorded 600% revenue growth in the past 24 months, in part through attracting new customers such as GEICO, the second-largest auto insurer in the US. Other customers include 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.
Emily Walsh, Partner at Georgian Partners adds, “Tractable’s industry-leading computer vision capabilities are continuing to fuel incredible customer ROI and growth for the firm. We’re excited to continue to partner with Tractable as they apply their artificial intelligence capabilities to new, multi-billion dollar market opportunities in the used vehicle and natural disaster recovery industries.”
Related articles:
Automated vehicle inspection technology uses AI, mobile phone
3D home visualization startup looks to future of property data
AI drone app enables smart property inspections
If you enjoyed this article, you will like the following ones: don't miss them by subscribing to :
