London-based insurtech AI startup Tractable will speed up the accident and disaster recovery by utilizing computer vision to carry out visual damage appraisal instead of getting humans to do the work. It has today closed a $25 million Series C funding, led by Canadian investment fund Georgian Partners.
Existing investors also participated, along with Insight Partners and Ignition Partners. The round practically doubles the 2014-founded startup’s total investment, taking it to $55M raised up to now.
Two years on the firm isn’t breaking out any tough parameters — however, the founders say its product is utilized by a number of multinational insurance corporations, along with Ageas in Britain, France’s Covéa, and Polish insurer Talanx-Warta — to analyze car damage efficiently.
Tractable CEO Alexandre further says the technology has been involved in speeding up insurance-related assessments for millions of people worldwide across the world.
Tractable’s pitch is that AI appraisals of injury to automobiles/property can take place through its platform in minutes, thereby allowing for fixtures to begin sooner and people’s livelihoods to be restored more quickly.
The startup stated its latest investment will go on expanding its market footprint. It has clients across nine markets, around the world, at this level. Also, to its first offices in the UK and the U.S. recently opened a permanent workplace in Japan — with the stated objective of serving new clients in Asia.
It further mentioned the Series C funds will be utilized for continued product development by further improving its AI.