United Kingdom-based computer vision startup Tractable successfully raised $60 million in its recent foray in a Series D investment round. Following the funding round, the artificial intelligence (AI) startup has now achieved unicorn status as it is now valued at $1 billion.
The Series D funding round was co-led by Georgian Partners and Insight Partners. According to Tech Crunch, the investment round brings the total amount raised by the company to $115 million.
Prior to the $60 million raised in the late-stage funding round, Tractable already raised $55 million in other funding rounds, states Reuters. The news site shares that both Georgian Partners and Insight Partners took part in the said investment round, together with Ignition Partners and Zetta Venture Partners.
Founded in 2015, Tractable leverages artificial intelligence to hasten the overall process of making motor insurance claims. It reportedly allows consumers to take and submit photos of damaged vehicles, then Tractable will use its algorithms to assess the car and make appraisals, reveals Tech Crunch.
The computer vision technology employed by the AI company also allows it to properly gauge when a car cannot be repaired anymore. Tech Crunch said that the technology is also helpful in identifying which vehicle parts can be salvaged and used for recycling and for other things.
Tech Crunch states that the startup works with a wide range of automotive insurance companies in the industry. It counts clients and insurers such as Geico in the United States, Aioi Nissay Dowa, Mitsui Sumitomo, Sompo, and Tokio Marine Nichido all from Japan, and Covea, the largest automobile insurance in France.
In addition, Tractable is also working with Spanish firms such as Admiral Seguros, the Spanish entity of the United Kingdom’s Admiral Group and U.K insurer Ageas, reports Tech Crunch. In total, the news site said the AI startup works with more than 20 of the top 100 auto insurers throughout the globe.
With its fresh funding, Reuters says Tractable aims to funnel a part of its investment towards increasing diversity in its company, particularly as the field is dominated by males. Chief executive officer Alex Dalyac said that the AI startup that 20% of its software engineers are women, more than the average number observed in the industry.
Besides diversifying its reach, Tech Crunch states that the AI startup also aims to explore areas such as natural disaster recovery as well as used car appraisals. Part of the funding will also boost Tractable artificial intelligence technology to better process and assess photos sent using smartphones.