San Francisco and London-based Tractable, a deep learning company focused on computer vision, has raised $8 million in Series A funding. Ignition Partners led the round with participation from other investors that included Zetta Venture Partners.
London – June 6, 2017 – Tractable, a deep learning company specializing in computer vision, today announced an $8 million USD Series A investment. The investment is led byIgnition Partners, an enterprise tech-focused venture firm with offices in Silicon Valley and Seattle. Other investors include Zetta Venture Partners, a venture capital firm focused on artificial intelligence, as well as insurance industry leaders such as Andy Homer (former CEO Towergate, former CEO AXA UK), Scott Roza (Chief Business Officer Guidewire Software), Tony Emms (former Chief Claims Officer Zurich Insurance UK), Greg Gladwell (former CEO Crawford & Company UK and Ireland), and Stuart Bartlett (founder & CEO Vision, founder and CEO BlueGrassComms).
Tractable develops proprietary artificial intelligence (AI) algorithms that can learn and perform visual tasks, just like humans. Tractable helps companies overcome one of the main issues in training computers to perform such tasks – labelling the data. Using Tractable, clients increase the productivity of their human experts, allowing them to focus on more meaningful, high-value work.
AI will transform all industries that rely on visual tasks, from driving (e.g., autonomous vehicles) to property and casualty insurance, a $450 billion market in the US, and a focus for Tractable. Tractable can assess damage to a vehicle and what repairs are needed by analyzing photos. This helps insurers to optimize the repair and claims management process, flag fraudulent claims, increase accuracy, and produce expert reviews of auto claims at scale, meeting customer expectations and eliminating costs.
Tractable works with some of the largest insurers in the US and the UK such as Ageas, as well as leading technology providers to the collision repair industry, like Mitchell International. With over 25 million auto repair estimates covered by insurance in the US annually (45% of which are not yet manually reviewed), the impact of AI on the insurance industry will be massive. Tractable helps to approve recommendations three times faster, and may help to create jobs with its data-driven insights and new productivity. Tractable also helps insurers spend more time on strategic tasks and customer service.
“Our AI helps human experts to understand imagery, and can have a massive impact on any industry that relies on visual tasks,” says Alex Dalyac, Tractable co-founder and CEO. “Our partnership with Ignition Partners will help us to continue to scale and create new solutions for insurance. AI will eventually enable claim settlement in minutes.”
Tractable is a deep learning startup specializing in computer vision to solve specific, high impact problems for businesses. Tractable’s proprietary artificial intelligence algorithms can learn and perform visual tasks, just like humans. Tractable’s proprietary technology enables a 15x cost reduction in labeling – a major bottleneck in workflows. The company’s current focus is insurance, where AI product produces expert review of auto claims at scale. Tractable is also experiencing strong demand in utilities, oil and gas and medical imaging. Founded in 2014, with offices in London and San Francisco, Tractable has a world-class research and development team with over 30 years combined research experience.