Tractable snaps up $65M led by SoftBank for car and property damage appraisals using AI | TechCrunch

News Summary

  • The interest rate environment is really testing the VC-backed sector’s ability to be profitable.” He said that profit is the “strategic goal towards which we have made substantial progress.” And given the SaaS margins of the business remaining strong, he said Tractable is “nearly there on EBITDA breakeven.”
  • Today, a startup that has been an early mover in the area of applying AI, and specifically computer vision, to the world of insurance is announcing a round of growth funding to continue expanding its business.
  • The company has been significantly less active in VC in the last 18 months, following a particularly tumultuous period in which a lot of its previous investments — made at high valuations and at a very rapid pace — led to major write-downs for the firm.
  • Tractable already has strong traction in auto, whereas property is the exciting new opportunity that is ripe for disruption.”Looking ahead, its interest in Tractable appears to be grounded in a little more practicality than perhaps some of those past investments.
  • “As strong believers in AI technology, we see huge potential for the technology to scale globally, embedding AI adoption into other verticals through exploring new use cases.
  • In the years since it launched, a number of competitors and alternatives have emerged to provide consumers and insurance adjusters with tools to facilitate remote assessments.
When it comes to transforming business operations, artificial intelligence holds a lot of promise across many industries. Today, a startup that has been an early mover in the area of applying AI, and [+6362 chars]