by Adam Pease
This week on June 17th, the UK-based computer vision company Tractable announced that it had secured $60M in a series D funding round led by Insight Partners and Georgian. Tractable offers a computer vision-based solution to insurance claims for financial services. Now that Tractable is valued at $1B it is being called the first unicorn for computer vision financial services, and the first computer vision unicorn in the UK more broadly. In this blog, we discuss Tractable’s place in the market and what this funding suggests about the future of computer vision.
What Is Tractable?
Tractable uses computer vision to facilitate damage appraisal for car accidents and property damage. Photos of damage are analyzed by Tractable’s AI algorithm and then submitted to insurance carriers for further action. 20% of global auto insurers now use Tractable, and its housing damage assessment solutions are now being taken advantage of by GEICO, as well as several other insurance providers around the world.
One of Tractable’s emerging product offerings reveals the power that computer vision has to disrupt markets. With its new investment, Tractable will fund research and development for AI that can analyze individual vehicle components and assess damage. The ultimate aim of this software is to facilitate more transparent buying.
A Computer Vision Unicorn: The Market’s Future
Insight Partners is a New York-based private equity firm with a history of investing in AI firms that range from market areas like credit underwriting to conversational intelligence. The AI market is expanding as algorithms improve and vendors carve out niches targeting specific use cases. The case of Tractable also reveals that computer vision has widespread adoption amongst major players in critical sectors such as insurance.
Soon, we expect that computer vision-based processes will emerge as best practices for many sectors. As enterprises realize they can eliminate costly process bottlenecks with lightweight computer vision applications, or digitally transform their business model by building on a computer vision application platform, the market will grow.
Bottom Line
Computer vision is here to stay. As it gains widespread enterprise adoption, computer vision reveals its value as a dependable way to optimize business processes. Tractable’s unicorn funding underscores the overall maturation of the market.