Toronto, Ontario — Tractable, an artificial intelligence photo estimating company, raised $25 million in a recent investment round led by Georgian Partners. The company will use the funds to enter new markets and for research and development on its estimating software.
Tractable’s AI uses computer vision to appraise vehicle damage, with models trained on millions of examples, allowing identification of damage and prediction of repair costs while reportedly improving appraisal efficiency. The company operates in nine countries—the United Kingdom, France, Poland and Japan—and will use the funds to expand into additional markets worldwide.
According to North American head Julie Kheyfets, the company began to seek business in Canada last year and is now working with the nation’s insurers. Ahmed Zifzaf, marketing manager for the company, said one major Canadian insurer is already running its entire repairable vehicle volume through the system.
“Our mission at Tractable is to bring AI breakthroughs to real-world problems and by doing so, make a positive difference to people’s lives,” said Alex Dalyac, CEO and founder. “We’re achieving that every day, as our technology means people across the world are recovering their livelihoods more quickly after an accident. This new investment from Georgian Partners shows informed investors believe we will scale our success even further and reach new markets, new clients, and new areas to operate in.”
Alex Dalyac, CEO and founder of the company, said insurers have been impressed by Tractable’s ability to track and calculate items like blending and labour hours instead of merely repair and replacement.
Kheyfets said insurers are using Tractable for three main purposes: auditing the quality of the company’s human-generated estimates, triage (repairable versus total loss decisions) and full-on estimating.
For more information on Tractable, visit tractable.ai.
