Israeli machine learning and AI construction optimization company Versatile has announced that it has raised $20 million in a Series A financing round led by Insight Partners and Entree Capital, and with the participation of previous investors Robert Bosch Venture Capital GmbH, Root Ventures, Conductive Ventures, and veteran construction technology entrepreneurs Leigh Jasper and Rob Phillpot.
Versatile cofounder and CEO Meirav Oren said, "You can only improve what you can measure, and at Versatile we are just scratching the surface of what we can do to create value for our users and use data to turn jobsites into controlled manufacturing with fast feedback loops.
Versatile’s CraneView uses AI and IoT to capture and analyze thousands of data points to deliver real-time insights on jobsite performance and streamline decision-making. Mounted under the hook of any crane, this technology offers production data on any jobsite including information on materials, redundancies, construction progress and crane utilization - and empowers project teams to work safer, faster, and enable a manufacturing approach to building. The new funding will accelerate growth and availability of the solution, as well as the development of new, AI-based capabilities to create more connected insights for a variety of users.
Published by Globes, Israel business news - en.globes.co.il - on December 6, 2020
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