Tractable, a leader in artificial intelligence (AI) using computer vision to assess the condition of cars and homes, announced a $65M Series E investment led by SoftBank Vision Fund 2.
Existing investors Insight Partners and Georgian participated in the round. As part of the transaction, Nahoko Hoshino, Investment Director for SoftBank Investment Advisers will join the Tractable board.
Today’s investment represents the latest milestone in Tractable’s growth journey. The company recently brought on Venkat Sathyamurthy as Chief Product Officer (formerly head of platform at Adobe), Mohan Mahadevan as Chief Science Officer (formerly computer vision lead at Amazon) and Andrew Shimek as President to oversee global operations and sales, the statement said.
Tractable will use the new funds to accelerate its research and development capabilities, creating new features that power the end-user experience to provide instant, comprehensive and integrated vehicle assessments.
Alex Dalyac, CEO and co-founder of Tractable, said: “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.”
Nahoko Hoshino, Investment Director, for SoftBank Investment Advisers, said: “We are excited to work with Alex, Razvan and team, who have been the forerunners of applying AI computer vision to bring efficiency into the insurance claims management process via applying AI computer vision. As strong believers in AI technology, we see huge potential for the technology to scale globally, embedding AI adoption into other verticals through exploring new use cases. Tractable already has strong traction in auto, whereas property is the exciting new opportunity that is ripe for disruption.”
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