Insurtech AI based in London The startup Tractable, which is applying artificial intelligence to accelerate the recovery of accidents and disasters by using computer vision to perform a visual damage assessment instead of having humans do the work, has closed a $ C Series 25 million, directed by the Canadian investment fund Georgian Partners.
Existing investors also participated, including Insight Partners and ignition partners. The round almost doubles the total financing of the startup founded in 2014, bringing it to $ 55 million raised to date.
When Newsdio spoke with Tractable Co-founder and CEO Alexandre Dalyac, in 2018, said the company's goal is to accelerate response times related to insurance in events such as car accidents and natural disasters by up to 10 times.
Two years after the start-up they are not breaking any difficult metrics, but he says that his product is used by several multinational insurance companies, including Ageas in the United Kingdom, Covéa de France, Tokyo Marine of Japan and the Polish insurer Talanx- Warta, to analyze the vehicle. damage "effectively and efficiently."
He also says that technology has been involved in accelerating insurance-related assessments for "hundreds of thousands of people worldwide."
Tractable's argument is that AI assessments of vehicle / property damage can be carried out through its platform "in minutes," allowing repairs to begin earlier and people's livelihoods being reset faster.
Although, of course, if the AI algorithm denies a person's claim, the opposite would happen.
The startup said its new financing will continue to expand its market presence. It has customers in nine markets, worldwide, at the moment. In addition to its first offices in the United Kingdom and the United States, it recently opened a permanent office in Japan, with the stated objective of serving new clients in the Asia region.
He also said Series C will be used for continuous product development by further improving its AI.
Its current product line includes AI to assess vehicle damage and another focused on the assessment of damage caused by natural disasters, such as hurricane buildings.
"Our AI solutions capture and process photos and damage and predict repair costs, at scale," says Tractable on its website, noting that its proprietary algorithms can be powered by "satellite, drone or smartphone images."
Commenting on funding in a statement, Lonne Jaffe, MD of Insight Partners and also director of the Tractable board, said: "Tractable has reached a huge scale in the past year with a customer base in nine countries, an asset of differentiated data and the expansion of its equipment for more than 100 employees in London, New York and now Tokyo. We are excited to continue investing in Tractable while the team takes its powerful artificial intelligence technology to many more countries. "
Emily Walsh, director of Georgian Partners, He added that the "sophisticated approach to computer vision applied to startup accident recovery is resonating with the biggest players worldwide, who are using the platform to make real-time data-based decisions while dramatically improving customer experience. "
"We are incredibly excited to partner with the Tractable team to help them move even faster to bring the next wave of technological innovation to accident and disaster recovery worldwide," he added.
It is worth noting that, in the EU, citizens have the right, according to the data protection law, to the (human) review of algorithmic decisions if they have a legal or similar impact, and insurance is likely to fall into that category.
EU policymakers also recently submitted a proposal to regulate certain "high-risk" AI systems and said they intend to expand the block's consumer protection rules by incorporating a test and certification program for sets. of data that feed the algorithms that feed AI-driven services support product security.