Total amount raised
$184.9 Million
Latest funding date
07/01/2023
Location
Tractable has successfully raised funds over seven rounds, with the latest being a Series E round. The company is backed by 19 investors, including notable names like SoftBank Vision Fund and Georgian.
Keep reading to explore the intricacies of Tractable's fundraising journey and the investors supporting this innovative AI-driven platform.
What Is Tractable?
Tractable is a software company specializing in artificial intelligence for accident and disaster recovery. Founded in London, England, the company operates within the AI, computer vision, machine learning, and software industries.
With an employee count ranging from 101 to 250, Tractable focuses on providing fast and accurate damage assessments for vehicles and properties. Their AI-driven solutions cater to insurers, dealerships, repairers, recyclers, and fleet rentals, emphasizing precision, speed, and efficiency.
How Much Funding Has Tractable Raised?
- Seed Round
- Amount Raised: USD 1,900,000
- Date: June 2015
- Lead Investors: Zetta Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop initial AI technology and build a foundational team.
- Series A
- Amount Raised: USD 8,000,000
- Date: January 2017
- Lead Investors: Ignition Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance AI capabilities for accident recovery.
- Series B
- Amount Raised: USD 25,000,000
- Date: July 2018
- Lead Investors: Insight Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and improve AI-driven damage assessment tools.
- Series C
- Amount Raised: USD 25,000,000
- Date: February 2020
- Lead Investors: Georgian, Plug and Play
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop AI solutions and enter new markets.
- Non-Equity Assistance
- Date: April 2021
- Lead Investors: Future Fifty
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To gain strategic support and resources for growth.
- Series D
- Amount Raised: USD 60,000,000
- Date: June 2021
- Lead Investors: Georgian, Insight Partners
- Valuation at Round: USD 1 billion
- Motivation Behind the Round: To expand accident recovery and develop new AI solutions for cars and homes.
- Series E
- Amount Raised: USD 65,000,000
- Date: July 2023
- Lead Investors: SoftBank Vision Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate global expansion and enhance AI technology.
Tractable has raised a total of USD 184,900,000. The current valuation is USD 1 billion.
Key Investors
- SoftBank Vision Fund
- Details: SoftBank Vision Fund is a major investor in Tractable, involved in the Series E funding round. It is known for making large-scale investments in technology companies.
- Investment Focus Areas: Technology, AI, telecommunications
- Notable Investments: Uber, WeWork, Slack
- Georgian
- Details: Georgian is a growth equity firm that invests in high-growth technology companies. They participated in multiple funding rounds for Tractable, including Series D and Series E.
- Investment Focus Areas: Applied artificial intelligence, trust, conversational AI
- Notable Investments: Shopify, FreshBooks, Ritual
- Insight Partners
- Details: Insight Partners is a global private equity and venture capital firm that invests in growth-stage technology and software companies. They led the Series D funding round for Tractable.
- Investment Focus Areas: Technology, software, internet businesses
- Notable Investments: Twitter, Shopify, DocuSign
- Future Fifty
- Details: Future Fifty is a program that supports high-growth tech companies. They provided non-equity assistance to Tractable in April 2021.
- Investment Focus Areas: High-growth tech companies
- Notable Investments: Deliveroo, TransferWise
- Ignition Partners
- Details: Ignition Partners is a venture capital firm that focuses on enterprise software and cloud computing. They led the Series A funding round for Tractable.
- Investment Focus Areas: Enterprise software, cloud computing
- Notable Investments: Splunk, DocuSign
What's Next for Tractable?
Tractable stands at the cusp of significant opportunities, poised to expand its accident recovery services and develop new AI solutions for vehicle and home assessments. With a market reach that includes over 20 of the top 100 global insurers, the potential for growth is immense. The company processes over $2 billion annually in vehicle repairs and purchases, indicating a substantial market presence.
Future fundraising seems promising, given the successful Series D round and a valuation of $1 billion. This financial backing could fuel further expansion into natural disaster recovery and used car appraisals, areas ripe for AI innovation. However, Tractable may face challenges such as competition from other AI firms and the need to integrate new solutions into existing insurance workflows.
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