Total amount raised
$184.9 Millions
Latest funding date
07/01/2023
Location
Tractable has successfully raised $65 million in its latest Series E funding round, led by SoftBank Vision Fund 2. The company specializes in AI-driven solutions for accident and disaster recovery, automating visual damage appraisal for quick and efficient claims processing.
With 19 investors backing its innovative technology, Tractable continues to expand its presence in the automotive and property ecosystems. Keep reading to explore the intricacies of Tractable's fundraising journey and the investors supporting this cutting-edge platform.
What Is Tractable?
Tractable, founded in 2014 in London, England, specializes in AI-driven solutions for accident and disaster recovery. The company uses deep learning to automate visual damage appraisal, helping insurers settle claims quickly and efficiently.
Tractable's innovative products, such as Auto Estimator, Auto Reviewer, and Property Estimator, streamline the claims process for insurers by providing faster and more accurate damage assessments. This technology is tailored for various industry sectors, including insurers, repairers, recyclers, and fleet & rental companies.
The company was founded by Adrien Cohen, Alexandre Dalyac, and Razvan Ranca, and currently employs between 101-250 people. Tractable continues to grow, supported by significant investments and a strong focus on improving claims processes through intelligent automation.
How Much Funding Has Tractable Raised?
- Seed Round
- Amount Raised: $1.9M
- Date: June 2015
- Lead Investors: Zetta Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop initial AI technology for visual damage appraisal.
- Series A
- Amount Raised: $8M
- Date: January 2017
- Lead Investors: Ignition Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance AI capabilities.
- Series B
- Amount Raised: $25M
- Date: July 2018
- Lead Investors: Insight Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enter new markets.
- Series C
- Amount Raised: $25M
- 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 expand globally.
- Non-Equity Assistance
- Amount Raised: -
- Date: April 2021
- Lead Investors: Future Fifty
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To gain strategic support and resources.
- Series D
- Amount Raised: $60M
- Date: June 2021
- Lead Investors: Georgian, Insight Partners
- Valuation at Round: $1 billion
- Motivation Behind the Round: To expand core business and develop new AI solutions.
- Series E
- Amount Raised: $65M
- Date: July 2023
- Lead Investors: SoftBank Vision Fund 2
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support expansion in automotive and property ecosystems.
Total Amount Raised: $184.9M
Current Valuation: Not publicly disclosed
Key Investors
- SoftBank Vision Fund
- Details: SoftBank Vision Fund is a large investment fund managed by SoftBank Group, known for investing in technology companies.
- Investment Focus Areas: Technology, Telecommunications, AI
- Notable Investments: Uber, WeWork, Arm Holdings
- Georgian
- Details: Georgian is a growth equity firm that invests in technology companies, focusing on applied artificial intelligence and data-driven insights.
- Investment Focus Areas: Software, AI, Cybersecurity
- Notable Investments: Shopify, FreshBooks, Ritual
- Insight Partners
- Details: Insight Partners is a global private equity and venture capital firm investing in high-growth technology and software companies.
- Investment Focus Areas: Software, Internet, Data
- Notable Investments: Twitter, Wix, Monday.com
- Future Fifty
- Details: Future Fifty is a UK-based program that supports high-growth tech companies, providing them with strategic support and resources.
- Investment Focus Areas: Technology, Innovation, Growth
- Notable Investments: Not publicly disclosed
- Ignition Partners
- Details: Ignition Partners is a venture capital firm focused on early-stage technology investments, particularly in enterprise software and cloud computing.
- Investment Focus Areas: Enterprise software, Cloud computing, IT infrastructure
- Notable Investments: Splunk, DocuSign, Heroku
What's Next for Tractable?
Tractable stands at the cusp of significant growth opportunities, particularly in expanding its accident recovery services and developing new AI solutions for vehicle and home assessments. The company processes over $2 billion annually in vehicle repairs and purchases, working with more than 20 of the top 100 global insurers. This positions Tractable to capitalize on the increasing demand for AI-driven solutions in the insurance industry.
Future fundraising opportunities appear promising, given the company's valuation at $1 billion and its successful Series D round. Additional funding could support further technological advancements and market expansion, particularly in the U.S., which is expected to become Tractable's largest market. However, the company may face challenges such as competition from other AI and insurtech firms, integration issues with existing insurance processes, and regulatory hurdles in different markets.
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