Tractable (company)
 | |
| Industry | Artificial Intelligence |
|---|---|
| Founded | 2014 |
| Founder | Alex Dalyac, Razvan Ranca, Adrien Cohen |
| Headquarters | , |
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
[edit]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
[edit]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
[edit]- ^ a b Martin, Iain. "U.K. Computer Vision Startup Tractable Reaches Unicorn Status". Forbes. Retrieved 16 June 2021.
- ^ O'Hear, Steve. "Tractable is applying AI to accident and disaster appraisal". TechCrunch. Retrieved 31 July 2018.
- ^ Ghosh, Shona. "Tractable hits $1 billion valuation by using AI to 'see' auto damage, as computer vision matures". Business Insider. Retrieved 17 June 2021.
- ^ Volpicelli, Gian. "Had a car crash that wasn't your fault? This AI has the answers". Wired. Retrieved 20 May 2020.
- ^ Scism, Leslie. "Geico to Use Artificial Intelligence to Speed Up Car Repairs". Wall Street Journal. Retrieved 25 May 2021.
- ^ Gardiner, Mark. "A Car Insurance Claim Estimate Before the Tow Truck Is Called". New York Times. Retrieved 17 September 2021.
- ^ Scism, Leslie. "Insurer Looks to Shorten Time From Car Wreck to Body Shop". Wall Street Journal. Retrieved 28 January 2021.
- ^ 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.
- ^ Dalyac, Alex. "How we built an AI unicorn in 6 years". TechCrunch. Retrieved 20 July 2021.
- ^ "AI 100: The Artificial Intelligence Startups Redefining Industries". CB Insights. Retrieved 7 April 2021.
- ^ "British Insurance Awards 2020: The winners". Insurance Post. Retrieved 17 November 2020.
- ^ Kahn, Jeremy. "A.I. insurance firm Tractable marks 'unicorn' status as it expands from cars into property claims Fortune". Fortune. Retrieved 17 June 2021.
- ^ 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.
- ^ Khan, Mehreen (2023-07-18). "SoftBank invests $65m in British 'insurtech' firm". The Times. ISSN 0140-0460. Retrieved 2023-07-19.