Tractable (company)

Tractable

Industry	Artificial Intelligence
Founded	2014; 11 years ago (2014)
Founder	Alex Dalyac, Razvan Ranca, Adrien Cohen
Headquarters	New York, NY , United States
Number of employees	over 300[1] (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.[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. 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.