Tractable secures huge investment boost
Tractable has secured a $25m (£19.1m) Series C investment, almost doubling the total raised to $55m.
The latest investment is led by Georgian Partners with participation from existing investors, including Insight Partners and Ignition Partners and will be used to accelerate Tractable’s expansion into new markets from the nine countries in which it currently operates.
Alex Dalyac, CEO and founder of Tractable, said: “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.”
Tractable’s AI is used by international leaders such as Ageas in the UK, France’s Covéa, Japan’s Tokio Marine, and Polish insurer Talanx-Warta to analyse vehicle damage effectively and efficiently.
Emily Walsh, principal at Georgian Partners, said: “Tractable’s sophisticated approach to computer vision applied to accident recovery is resonating with the largest players globally, who are using the platform to make real-time, data-driven decisions while dramatically improving the customer experience. We’re incredibly excited to partner with the Tractable team to help them move even faster on bringing the next wave of technological innovation to accident and disaster recovery across the world.”
