Tractable, an A.I. photo estimating company, announced Feb. 27 it raised $25 million to expand into new markets and enhance research and development initiatives on its software.
The investment was led by Georgian Partners, with participation from existing investors, including Insight Partners and Ignition Partners.
Combined with the $30 million previously raised, Tractable has raised $55 million.
Tractable currently operates in nine countries but plans to use the recently secured funds to expand into new markets.
It also plans to use the funds to invest in research and development to ensure its software is the best available A.I. on the market.
“Our mission at Tractable is to bring A.I. breakthroughs to real-world problems and by doing so, make a positive difference to people’s lives," said Tractable founder and CEO Alex Dalyac. "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, who have a standout track record in investing in software companies, shows informed investors believe we will scale our success even further and reach new markets, new clients and new areas to operate in.”
Tractable is particularly interested in obtaining new clients from the collision repair industry.
“A.I. can benefit the collision repair industry throughout the life of the claim in a variety of ways," said Ahmed Zifzaf, marketing lead for Tractable. "For starters, it expedites the process and allows for early parts ordering. This technology will be very useful as it pertains to a lot of elements in the collision repair lifecycle.”
Julie Kheyfets, head of North American business for Tractable, explained a few ways the company’s software will benefit collision repair facilities.
“When triaging vehicles, repairers can use A.I. to quickly determine if the vehicle is repairable or if it’s a total loss," Kheyfets said. "They can use the software to create estimates which, in addition to saving time, will help drive consistency and accuracy in the shop’s estimates.
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