The Startup of the Week for this week is London-based insurtech startup Tractable! Using AI to help accelerate accident and disaster recovery.
Tractable achieves this by performing visual damage appraisals with computer vision, essentially utilising AI technologies to analyse images of the damage done during an accident, and predicting the repair costs for this. This helps to speed up the process of insurance payouts significantly, improving efficiency throughout the insurance space overall.
Initially going through Entrepreneur First, Tractable was founded in 2014 by Alexandre Dalyac, Adrien Cohen and Razvan Ranca. The startup now have offices established not only in the UK, but also the US, and have recently opened an office in Japan. The company has more than 90 employees, and has raised a total of $59.9 million over the course of 5 funding rounds.
Tractable’s AI is trained on millions of images of real-life car accidents and repair operations, helping it understand auto damage much like a human appraiser. The startup describe its technology as “Model agnostic”, meaning it can be used for any car of any make, accelerating the speed at which claims are processed all whilst eliminating mistakes.
This innovative technology can also be used to accelerate the process of appraisals on other types of disasters and accidents, including natural disasters on properties – processing images and predicting repair costs like never before.
In February earlier this year, Tractable raised $25 million in a Series C. The round was led by Georgian Partners, and was reported to enable the startup to scale AI further for worldwide accident and disaster recovery. Alex Dalyac, founder and CEO of Tractable, commented the following:
“Our mission at Tractable is to bring AI breakthroughs to real-world problems and by doing so, make a positive difference to people’s lives. We’re achieving that every day, as our technology means people across the world are recovering their livelihoods more quickly after an accident. This new investment from Georgian Partners, who have a standout track record in investing in software companies, shows informed investors believe we will scale our success even further and reach new markets, new clients, and new areas to operate in.”