AI startup Tractable raises $65 million in Series E round led by Japanese investment giant SoftBank
"SoftBank and Tractable have several synergies that made this partnership a fit," said founder and CEO Alex Dalyac."There's an especially strong synergy in Japan, a major market for Tractable where SoftBank and its founder are admired as the nation's leader in technology disruption."
Tractable hasn't been immune to the effects of the tech downturn, although many AI startups have been comparatively insulated due to the investment boom in the sector. In 2022, it laid off a chunk of its workforce,. In May, a spokesperson for the company said the cuts were"painfully difficult" but said they enabled the business to prepare for a"challenging economic environment and to position ourselves for strategic growth in 2023.
Tractable's AI technology has been trained on millions of data points, including photos of cars and homes that are submitted by users. The startup works with insurers, as well as automotive and property companies. Existing investors such as early Twitter-backer Insight Partners, as well as Canadian investment fund Georgian, also participated in the round.
The startup has also brought on a slate of new executive hires, including chief product officer Venkat Sathyamurthy, who was formerly head of platform at Adobe, and Amazon's ex-computer vision chief Mohan Mahadevan as chief science officer. Nahoko Hoshino, investment director at SoftBank Investment Advisers, will join the startup's board.
With the fresh funds, it will hone in on its mission of developing"instant AI appraisals that power the automotive and property ecosystems," Dalyac told Insider.Subscribe to push notifications
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