SoftBank Group has ended a hiatus in new investment by taking a stake in British insurance technology startup, Tractable.
The company uses artificial intelligence to drive innovation in the insurance industry.
The insurtech firm said it received a combined 65 million dollars in funding from SoftBank and other backers.
SoftBank scaled back investment last year after its Vision Fund venture capital arm racked up massive losses. But the group's chairman and CEO Son Masayoshi said last month that it would shift to what he called ''offense mode.''
Tractable developed a system powered by AI to assess insurance claims from photos.
Major Japanese non-life insurance companies are among more than 30 firms already using the system.
Tractable says that it plans to use the funding for the research and development of next-generation AI.
The company uses artificial intelligence to drive innovation in the insurance industry.
The insurtech firm said it received a combined 65 million dollars in funding from SoftBank and other backers.
SoftBank scaled back investment last year after its Vision Fund venture capital arm racked up massive losses. But the group's chairman and CEO Son Masayoshi said last month that it would shift to what he called ''offense mode.''
Tractable developed a system powered by AI to assess insurance claims from photos.
Major Japanese non-life insurance companies are among more than 30 firms already using the system.
Tractable says that it plans to use the funding for the research and development of next-generation AI.
Similar Readings (5 items)
SoftBank launches used car subscriptions as telecom growth slows
SoftBank, OpenAI to launch joint AI venture in Japan
SoftBank Group posts first Apr.-Dec. profit in 3 years
Summary: The circular money problem at the heart of AI’s biggest deals
SoftBank explains AI plans to shareholders
Summary
SoftBank resumed investment, taking a stake in Tractable, a British insurance tech startup that employs AI for industry innovation. The insurtech secured a combined $65M funding, with SoftBank and other investors contributing. The funding will be used for next-gen AI research & development.
Statistics
132
Words1
Read CountDetails
ID: 7dc615ca-5402-4297-a13f-d723543b50c1
Category ID: nhk
URL: https://www3.nhk.or.jp/nhkworld/en/news/20230719_19/
Date: July 19, 2023
Created: 2023/07/19 19:28
Updated: 2025/12/09 01:48
Last Read: 2023/07/19 19:48