Tractable (company) explained

Tractable
Industry:Artificial Intelligence
Founder:Alex Dalyac,
Razvan Ranca,
Adrien Cohen
Hq Location City:New York, NY
Hq Location Country:United States
Num Employees:over 300[1]
Num Employees Year:2021
Website:tractable.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.

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]

Notes and References

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

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