Tractable
IndustryArtificial Intelligence
Founded2014 (2014)
FounderAlex Dalyac,
Razvan Ranca,
Adrien Cohen
Headquarters
New York, NY
,
United States
Number of employees
over 300[1] (2021)
Websitetractable.ai

Tractable is a technology company specializing in the development of Artificial Intelligence (AI) to assess damage to property and vehicles.[2][3] The AI allows users to appraise damage digitally.[4][5]

Technology

Tractable's technology uses computer vision and deep learning to automate the appraisal of visual damage in accident and disaster recovery, for example to a vehicle.[6] Drivers can be directed to use the application by their insurer after an accident, with the aim of settling their claim more quickly.[7] The AI evaluates the damage from images, and therefore doesn't assess what isn't visible (such as, for example, interior damage to a vehicle or property).[8]

History

Alexandre Dalyac and Razvan Ranca founded Tractable in 2014, and Adrien Cohen joined as co-founder in 2015.[9] The company employs more than 300 staff members, largely in the United Kingdom.[1]

Tractable was named one of the 100 leading AI companies in the world in 2020 and 2021 by CB Insights.[10] It won the Best Technology Award in the 2020 British Insurance Awards.[11]

In June 2021, Tractable announced a venture round that valued the company at $1 billion.[12] Tractable was the UK's 100th billion-dollar tech company, or unicorn.[13]

In July 2023, the company received a $65 million investment from SoftBank Group, through its Vision Fund 2.[14]

References

  1. 1 2 Martin, Iain. "U.K. Computer Vision Startup Tractable Reaches Unicorn Status". Forbes. Retrieved 16 June 2021.
  2. ↑ O'Hear, Steve. "Tractable is applying AI to accident and disaster appraisal". TechCrunch. Retrieved 31 July 2018.
  3. ↑ Ghosh, Shona. "Tractable hits $1 billion valuation by using AI to 'see' auto damage, as computer vision matures". Business Insider. Retrieved 17 June 2021.
  4. ↑ Volpicelli, Gian. "Had a car crash that wasn't your fault? This AI has the answers". Wired. Retrieved 20 May 2020.
  5. ↑ Scism, Leslie. "Geico to Use Artificial Intelligence to Speed Up Car Repairs". Wall Street Journal. Retrieved 25 May 2021.
  6. ↑ Gardiner, Mark. "A Car Insurance Claim Estimate Before the Tow Truck Is Called". New York Times. Retrieved 17 September 2021.
  7. ↑ Scism, Leslie. "Insurer Looks to Shorten Time From Car Wreck to Body Shop". Wall Street Journal. Retrieved 28 January 2021.
  8. ↑ Ghosh, Shona. "A fast-growing startup is winning over big auto insurers like GEICO by using artificial intelligence to speed up car repairs". Business Insider. Retrieved 25 May 2021.
  9. ↑ Dalyac, Alex. "How we built an AI unicorn in 6 years". TechCrunch. Retrieved 20 July 2021.
  10. ↑ "AI 100: The Artificial Intelligence Startups Redefining Industries". CB Insights. Retrieved 7 April 2021.
  11. ↑ "British Insurance Awards 2020: The winners". Insurance Post. Retrieved 17 November 2020.
  12. ↑ Kahn, Jeremy. "A.I. insurance firm Tractable marks 'unicorn' status as it expands from cars into property claims Fortune". Fortune. Retrieved 17 June 2021.
  13. ↑ Willems, Michiel. "Unicorn nest: UK hits milestone of 100 $1bn tech companies, more than rest of Europe combined". City A.M. Retrieved 20 June 2021.
  14. ↑ Khan, Mehreen (2023-07-18). "SoftBank invests $65m in British 'insurtech' firm". The Times. ISSN 0140-0460. Retrieved 2023-07-19.
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