Billion-dollar valuation for UK financial computer vision firm Tractable

After helping some of the world’s largest car insurer’s to harness computer vision to ‘see’ their customers’ car claims, Tractable has raised $60m to help bring its tech to more of the financial services industry.

The new funding comes from Insight Partners and Georgian, along with other existing investors, and values Tractable at $1bn.

“Six years ago, we founded Tractable to bring the AI breakthrough in image classification to the real world,” said Alex Dalyac, CEO and founder of Tractable.

“We cracked how to assess cars, helping over a million people recover from accidents, and helping recycle cars that couldn’t be repaired. And yet, there are other image recognition tasks out there, and more AI breakthroughs to come.”

Next up for Tractable is home insurance, as Dalyac revealed Tractable is already working with a “leading global insurer” in Japan to help homeowners submit photos of damage and receive AI-accelerated claim payouts.

Currently, Tractable works with car insurance giants like Geico in the US and PZU in Poland to help them assess customer claims by applying computer vision to photos of car damage.

Over the last 24 months, the group has seen its revenue jump by some 600 per cent and now works with 20 of the top 100 global car insurance groups.

After starting Tractable at Entrepreneur First along with co-founders Razvan Ranca and Adrien Cohen, Dalyac has since grown the company to 200 staff and now a billion-dollar valuation.