In a bold move to spur innovation and propel the development of artificial intelligence (AI), SoftBank Group, a renowned multinational conglomerate, has recently invested a staggering $65 million in a cutting-edge UK-based AI firm. This substantial financial backing is expected to revolutionize the AI landscape, foster technological advancements, and drive significant growth in the industry.
According to a report from the Nikkei Business Daily on Tuesday, SoftBank Group has recommenced its investments in AI companies, recently injecting $65 million into Tractable, a British firm specializing in insurance technology. Tractable utilizes AI to analyze insurance claims through photos.
Tractable’s key expertise lies in leveraging AI to analyze images taken by smartphones, enabling swift evaluation of repair possibilities and damage extent for both vehicles and buildings. With a global reach, the company serves over 30 nonlife insurance providers, primarily operating in Japan, the United States, and Europe. Its technology takes as little as one-tenth the time to assess the damage of automobiles as conventional methods. In one case, it helped an insurer pay a claim from typhoon damage in a few days, a drastic reduction from the several months it might have otherwise taken, Tractable said.
The SoftBank Group, known for its strategic investments in technology companies, has identified the potential and importance of AI in reshaping various industries. Acknowledging the UK’s position as a global hub for AI research and development, the conglomerate aims to capitalize on the region’s burgeoning AI expertise through this investment.
Demand for Tractable’s technology, which reduces the amount of manpower to conduct routine nonlife insurance operations, is likely to increase in many countries. SVF had largely halted new investments as its profit and loss situation deteriorated due to the decline in tech stocks. During its hiatus, SVF built up its cash reserves to over 5 trillion yen. In June, Masayoshi Son, chairman and president of SoftBank Group, told shareholders, “The time for launching a counteroffensive is growing nearer.”
