SoftBank Group has made a $65 million investment in Tractable, a British insurance technology company specialising in AI-powered assessment of insurance claims from photographs, as reported by the Nikkei Business Daily. This move marks SoftBank’s return to investing in new AI companies, following a reduction in new investments in 2022 due to losses incurred by its Vision Fund.
SoftBank Group’s CEO, Masayoshi Son, previously announced plans to shift the company into “offence mode” as global investors increasingly focus on artificial intelligence. The investment in Tractable aligns with this strategy, tapping into the potential of AI-driven solutions for the insurance industry.
With the help of sophisticated AI algorithms, Tractable analyses photographs and fairly evaluates insurance claims, speeding and enhancing the claims process. The money from SoftBank will probably help Tractable expand and make more strides in its AI technology.
The investment underscores SoftBank Group’s rekindled interest in the AI industry and its dedication to assisting forward-thinking businesses that use AI to change sectors like insurance.