Region: London, South East
Programme: Enterprise Capital Funds
Having experienced two years of huge growth and with a current valuation of $1 billion, artificial intelligence company Tractable is the UK’s 100th unicorn business and the world’s first AI unicorn for financial services.
Its software allows drivers who have been involved in motor accidents to submit smartphone photos of their vehicles’ damage. Checking the photos against its large database of images, the software then tells the user, in real time, whether the damage can be repaired and, if so, what repairs are needed.
Used by over 20 of the world’s top insurers, the software has enabled Tractable to expand at pace, and the company now has over 200 employees spread across three continents.
Tractable raised funding via Entrepreneur First, an investor backed by the Enterprise Capital Funds (ECF) programme, enabling it to move its technology into new areas.
The company is expanding its AI capabilities, with a new focus on how it can use its technology to help people across the world recover more quickly when a natural disaster has caused damage to their homes.