Tractable secures $65M funding from SoftBank to leverage AI for car and property damage assessments

Date:

Tractable, a startup specializing in AI-powered computer vision for remote damage assessments in the insurance industry, has secured $65 million in a Series E funding round led by SoftBank Vision Fund 2. Insight Partners and Georgian, previous investors in Tractable, also participated in the funding. Tractable’s technology is used by insurance giants such as Aviva, Geico, and Admiral to process around $7 billion in claims annually. The company plans to use the latest funding to expand its existing business, invest in the Japanese market, and incorporate advanced AI capabilities for repairs, maintenance, and sales. Tractable is also eyeing the property appraisal market in Japan, which is experiencing significant growth due to natural disaster recovery efforts. The company intends to leverage breakthroughs in generative visual AI and large language models to enhance its AI capabilities. Tractable faces competition from other startups like Uveye, ProovStation, and Claims Genius, but its early adoption of AI and strong partnerships have positioned it as a leader in the space. With SoftBank’s involvement, Tractable aims to tap into Japan’s digital-first consumer base and further integrate its technology into vehicles and various stages of their lifecycle. The investment from SoftBank marks a departure from its recent VC activity and highlights its belief in the scalability and disruption potential of AI in different verticals. Tractable’s CEO, Alex Dalyac, acknowledged that the company remains unprofitable but stressed the importance of transitioning towards profitability amid changing market dynamics and low-interest rates. Tractable is committed to achieving profitability and has made significant progress toward its strategic goal. The company’s strong SaaS margins bring it closer to achieving EBITDA breakeven.

See also  Samsung's AI Nutritionist App Launches, Offers Personalized Diet Plans and Global Recipes

Frequently Asked Questions (FAQs) Related to the Above News

What does Tractable specialize in?

Tractable specializes in AI-powered computer vision for remote damage assessments in the insurance industry.

How much funding did Tractable secure in its Series E round?

Tractable secured $65 million in its Series E funding round.

Who led the Series E funding round for Tractable?

SoftBank Vision Fund 2 led the Series E funding round for Tractable.

Which companies currently use Tractable's technology?

Insurance giants such as Aviva, Geico, and Admiral currently use Tractable's technology.

What does Tractable plan to do with the latest funding?

Tractable plans to expand its existing business, invest in the Japanese market, and incorporate advanced AI capabilities for repairs, maintenance, and sales.

Which market does Tractable aim to enter in Japan?

Tractable aims to enter the property appraisal market in Japan.

Who are Tractable's competitors in the market?

Tractable's competitors include startups like Uveye, ProovStation, and Claims Genius.

What advantages does Tractable have over its competitors?

Tractable has the advantage of early adoption of AI technology and strong partnerships, positioning it as a leader in the space.

What is SoftBank's involvement in Tractable's funding round?

SoftBank's investment in Tractable marks a departure from its recent VC activity and highlights its belief in the scalability and disruption potential of AI in different verticals.

What is Tractable's progress towards profitability?

While Tractable remains unprofitable, it is committed to achieving profitability and has made significant progress toward its strategic goal.

What is Tractable's SaaS margin?

Tractable's strong SaaS margins bring it closer to achieving EBITDA breakeven.

Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.

Advait Gupta
Advait Gupta
Advait is our expert writer and manager for the Artificial Intelligence category. His passion for AI research and its advancements drives him to deliver in-depth articles that explore the frontiers of this rapidly evolving field. Advait's articles delve into the latest breakthroughs, trends, and ethical considerations, keeping readers at the forefront of AI knowledge.

Share post:

Subscribe

Popular

More like this
Related

Obama’s Techno-Optimism Shifts as Democrats Navigate Changing Tech Landscape

Explore the evolution of tech policy from Obama's optimism to Harris's vision at the Democratic National Convention. What's next for Democrats in tech?

Tech Evolution: From Obama’s Optimism to Harris’s Vision

Explore the evolution of tech policy from Obama's optimism to Harris's vision at the Democratic National Convention. What's next for Democrats in tech?

Tonix Pharmaceuticals TNXP Shares Fall 14.61% After Q2 Earnings Report

Tonix Pharmaceuticals TNXP shares decline 14.61% post-Q2 earnings report. Evaluate investment strategy based on company updates and market dynamics.

The Future of Good Jobs: Why College Degrees are Essential through 2031

Discover the future of good jobs through 2031 and why college degrees are essential. Learn more about job projections and AI's influence.