Tractable Ltd., a startup that uses artificial intelligence-aided computer vision to determine the condition of cars and homes, said today that it has raised $65 million in late-stage funding to continue the growth of its product and business.

SoftBank Vision Fund 2 led the Series E funding round with participation from existing investors Insight Partners and Georgian. The funding brings the total raised by the company to $184.9 million, according to Crunchbase. It follows the company’s last round in July 2021 for $60 million ,which had valued the company at almost $1 billion.

Founded in 2014, Tractable offers AI tools that use computer vision and machine learning to allow remote visual assessment of automotive and property conditions, including damage after accidents, storms or other events. The company’s AI has been trained on millions of data points, including user-submitted images of cars and homes captured via smartphone pictures and videos and uses that to recommend agent decisions based on apparent damage severity.

According to the company, that has allowed its partners to provide process assessments 10 times faster than through normal human means of addressing images themselves or sending agents into the field to view damage themselves.

The company also uses its AI to assist with finding parts after collisions, with the aim to help with repairs by making it easier to salvage vehicle parts. For example, visual inspection of components using computer vision can make it quicker to identify which parts are possible to reuse or resell.

That means fewer parts will end up in junkyards or contribute to waste in landfills. Those parts can get to market sooner and cars in need of body components for repair will receive them faster.

“Tractable’s AI has helped millions recover faster from accidents and natural disasters,” said Alex Dalyac, co-founder and chief executive of Tractable. “In SoftBank we have a partner who understands the full application set of our technology at a granular level, combining deep networks within the insurtech, automotive and property sectors.”

In early 2022, the company launched its property assessment solution, AI Property, which uses artificial intelligence to study the amount external of damage to buildings caused by wind, hail and hurricanes. With only a smartphone, even extremely remote users can quickly get an assessment of their property in the wake of a disaster. According to Tractable, that can shorten the time it takes to make a damage survey from months to a single day.

In the past year, Tractable has expanded its offerings and gained numerous insurance partners, including American Family Insurance and Aviva, as well as leading automotive companies in recycling, repair and retail. The company has seen increased momentum in auto and home repairs, processing more than $7 billion in annualized claims, which is more than double a year ago.

Image: Tractable