Tractable raises $65 million in funding led by SoftBank to assess insurance claims using AI

Artificial intelligence (AI) startups continue to attract significant investment, as investors see the potential of AI to transform industries. The latest is Tractable AI, a London-based tech startup that uses AI to assess insurance claims using visual images.

Today, Tractable announced that it has raised $65 million in a Series E funding round led by SoftBank Vision Fund 2, with participation from existing investors Insight Partners and Georgian. Tractable will use the new capital infusion to accelerate growth, including expanding into new markets and developing new AI-powered products.

The latest funding round is also a significant endorsement of Tractable’s technology and its potential to disrupt the insurance industry. It also highlights the growing interest in AI-powered solutions for a variety of industries. In conjunction with the funding, Tractable also announced that Nahoko Hoshino, Investment Director for SoftBank Investment Advisers will join its board of advisors.

Founded in 2014 by CEO Alexandre Dalyac, Adrien Cohen, and Razvan Ranca, Tractable’s AI-powered platform enables insurers to quickly and accurately assess the damage to vehicles after an accident. This also helps insurance companies to process claims more efficiently and fairly, and it can also help drivers to get their cars repaired more quickly.

In a statement, Tractable CEO and co-founder Ben Dalyac said, “We are excited to partner with SoftBank Vision Fund 2 and our other investors to accelerate our growth. This funding will allow us to expand our reach into new markets, develop new products, and continue to build the world’s leading AI platform for insurance.”

Dalyac also added: “Tractable’s AI has helped millions recover faster from accidents and natural disasters. In SoftBank we have a partner who understands the full application set of our technology at a granular level, combined deep networks within the insurtech, automotive and property sectors. I’m excited by what we can achieve in redefining trust and transparency to support people in managing the life cycles of their cars and homes.”

Meanwhile, SoftBank has been doubling down its investments in AI startups. SoftBank Group CEO Masayoshi Son said last month that the company would be shifting to “offense mode” in the AI investment space. This is a significant change from 2022 when SoftBank slashed the volume of new investments as it sought to recover from heavy losses on its Vision Fund investing arm.

Son’s renewed focus on AI is a sign of the growing excitement around the technology. AI is seen as having the potential to revolutionize a wide range of industries, from healthcare to transportation to manufacturing. SoftBank is not the only company that is eager to get involved in the AI race. Other major investors, such as Microsoft and Google, are also making significant investments in the space.