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AI insurtech Tractable closes £50m round led by SoftBank

Tractable SoftBank
Image credit: Tractable

Tractable, a London-based firm using AI to assess the condition of cars and homes for insurers, has closed a $65m (£49.8m) Series E round led by SoftBank.

The Tractable AI platform, which has been trained on millions of data points, analyses user-submitted photos of cars and homes to assess damages and offer recommendations based on the result.

In addition to being used for insurance assessments, Tractable’s tech is also used in the automotive collision sector.

The company claims its platform can accelerate repairs and salvage vehicle parts for reuse. The firm, which also has a headquarters in New York, expanded to property assessments last year.

“Tractable’s AI has helped millions recover faster from accidents and natural disasters,” said Alex Dalyac, CEO and co-founder of Tractable.

“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.”

Prior to this round, Tractable attained unicorn status in 2021 after a £43m investment landed the firm with a $1bn valuation. The company was founded in 2014.

The capital came from the SoftBank Vision Fund 2, as well as follow on investments from Insight Partners and Georgian.

“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,” said Nahoko Hoshino, investment director for SoftBank Investment Advisors.

The major investment into Tractable follows a period of turbulence for SoftBank’s tech investment arm. In its most recent financial report, the Vision Fund posted a record loss of £25.4bn, citing the war in Ukraine, along with growing tensions between the US and China, as key factors.

Last September, the Japanese conglomerate cut 30% of staff at its Vision Fund, following a reported loss of almost £20bn.

SoftBank remains a major figure in the global tech investment space. In the UK, it has backed firms including Revolut, Improbable and OneWeb.

The Tokyo-headquartered firm also owns the Cambridge semiconductor firm Arm, and opted to snub the London markets and pursue a New York listing.