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July 20, 2023

Tractable raises $65M in Softbank-led round for AI disaster recovery

London-based insurtech firm secures funds to revolutionize expedite automotive and insurance claims process

Led by SoftBank's Vision Fund 2, the Series E funding will supercharge Tractable's R&D capabilities. With over $185M raised to date, Tractable's AI-driven solutions streamline insurance claims, instantly assessing damage and expediting the decision process. Positioned in a market projected to reach $4.3T in premiums by 2040, Tractable's growth is fueled by its ability to process over $7B in annualized repairs, making insurance claims smoother than ever.

SoftBank Leads Tractable's $65M Series E Funding, Reinforcing Trust in AI Pioneer. SoftBank's continued support, despite financial setbacks, underscores its belief in Tractable's potential. The partnership with a top Japanese insurer for home-based claims further solidifies Tractable's reputation. Notably, Tokio Marine Insurance Group, Mitsui Sumitomo Insurance, Aioi Nissay Dowa Insurance, and Sompo already benefit from Tractable's cutting-edge solutions.

By leveraging AI to analyze accident photos, Tractable quickly determines if a car is repairable and identifies necessary repairs. With a market set to reach $4.3 trillion by 2040, Tractable is already processing over $7 billion in annualized auto and home repairs and acquisitions, witnessing remarkable growth year after year.

Neil Hodgson-Coyle
Neil Hodgson-Coyle
Editorial chief at TechNews180
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