Startups Venture

Tractable Raises $25 Million To Automate Damage Assessments

Tractable, a deep learning technology company, has closed $25 million in a likely Series B funding round as indicated by an SEC filing. The filing shows that Lonne Jaffe, managing director of Insight Venture Partners, has been added to the company’s board of directors, leading Crunchbase News to conclude that Insight led this round of funding.

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Previously, the U.K.-based company, which also has offices in San Francisco, raised $1.9 million in a Seed round in June 2015, followed by an $8 million Series A in January 2017. Its previous investors include Silicon Valley-based 415, Ignition Partners, and Zetta Venture Partners. Ashley Fontana of Zetta Venture Partners was listed as a board director on the regulatory filing for Tractable’s Series A round but is not listed as a director on this most recent filing.

This latest infusion of capital brings Tractable’s total known funding raised to $35 million.

Founded in 2014 by Alexandre Dalyac, Adrien Cohen, and Razvan Ranca, Tractable is a company focused on incorporating AI into insurance claims. The company aims to improve the vehicle collision insurance claim process by deploying computer vision technology to assess accident damages. With its technology, auto repair professionals upload an estimate and pictures of damages to a claims management system. Tractable’s technology then reviews the submission, assesses the cost, then delivers the assessment to the customer.

Tractable’s product offering also includes AI-based preventative maintenance assessments for vehicles. Additionally, the company developed a medical imagery platform to increase the speed and accuracy of radiology diagnoses. The scanning technology flags and prioritizes high-risk scans and delivers them to doctors for review.

With $25 million in fresh capital and partnerships with insurance providers like Belgium-based Ageas, Tractable is yet another company that has attracted the interest of those who are looking to reimagine the future of work. Of course, with technology increasingly moving in on the medical and other expert fields, that future is slightly uncertain.

Tractable did not respond to Crunchbase News’s request for comment by the time of publication.

Illustration Credit: Li Anne Dias

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