An automobile technology startup, Tractable, develops AI for visual assessment and disaster recovery. On September 2, 2021, the automobile AI startup announced the launching of AI Inspection for accurate assessment of the external conditions of a vehicle within minutes.
The new solution launched by Tractable, AI Inspection, is a mobile-friendly web-based app accessible through any smartphone. The app helps users access Tractable’s artificial intelligence platform to assess automobile damages like any human mechanic.
The AI Inspection technology has been achieved through machine learning of millions of images documenting automobile damages. Today, the technology developed by Tractable helps the world’s leading insurers and automotive companies accelerate accident recovery in no time.
During the purchase or sale of a vehicle, the solution speeds up the inspection process. The AI Inspection technology helps develop the rental or lease agreement, inspect conditions of the recyclable parts of a vehicle, and underwrite a new insurance policy, among other things.
According to the company, the AI Inspection technology benefits dealerships to wholesale automotive marketplaces. Additionally, the solution removes the need for hectic on-site vehicle inspection. It enables complete remote inspection, helping manage maverick costs related to transportation and flawed inspection, besides improving customer experience.
The Head of Automotive at Tractable, Jimmy Spears, is proud of the technical achievement. The ability to hand over the technical expertise of vehicle assessment in the hands of those with no automobile management experience ensures greater efficiency and transparency than could be achieved earlier.
Tractable already works with US insurers to improve automobile claims. With AI Inspection, the autotech startup is able to help the broader vehicle ecosystem unlock greater efficiencies and claim bigger gains through automation of standard vehicle inspection processes.
With reference to the usage of machine learning, AI Inspection reads and recognizes damaged parts of a vehicle. The clever technology interacts with the vehicle owner requesting specific views of a car to analyze the damage effectively. The technology ensures a backup of photographic evidence for right claims processing or comprehensive AI fraud check.
As of now, the AI Inspection is available in Japan and North America, where the technology is already implemented in millions of vehicles, ensuring acceleration of vehicle salvage and parts recycling. Tractable AI Inspection works with LKQ North America that manufactures alternative vehicle parts to accelerate and optimize the recycling of the salvage vehicles that LKQ procures across North America.
London, England, United Kingdom-based Tractable, on June 16, 2021, raised a Series D fund of $60M from private equity fund Insight Partners and Georgian fintech company. So far, the autotech startup Tractable has raised $119.9M funded by 17 investors, including The Future Fifty programme, Plug and Play Tech Center, Acequia Capital (AceCap), and Ignition Partners venture capital, among others.