Israeli AI construction optimization company Versatile today announced it has completed an $80 million Series B financing round led by Insight Partners and joined by Tiger Global.
The new funds will help Versatile, which has developed construction technology using artificial intelligence (AI) and the internet of things (IoT) to optimize construction processes, to strengthen its data-driven capabilities and expand services to insurers and across the construction value chain as the company continues to grow rapidly.
The company was founded in 2016 by CEO Meirav Oren, CSO and COO Ran Oren, CTO Barak Cohen and CPO Danny Hermann. The company has 80 employees including 55 in Israel.
Meirav Oren said, "Today’s announcement is a meaningful milestone for the construction industry, not just Versatile. It affirms our industry is innovative, forward-thinking, and worthy of the world’s leading technology investments. This funding enables us to do more for the construction professionals we proudly serve, creating opportunities for them to measure, improve and win while enhancing a culture of safety."
The round was joined by existing investors Robert Bosch Venture Capital GmbH, Entrée Capital, Root Ventures, Conductive Ventures, and veteran construction technology entrepreneurs Leigh Jasper and Rob Philpot, all of whom participated in Versatile’s $20 million Series A in December 2020.
CraneView, Versatile’s leading product, collects data on both progress and process; what got built - and how it got built- and analyzes thousands of these data points to deliver transformational insights on jobsite performance to streamline decision-making. Mounted under the hook of any crane, this first-of-its-kind technology offers production data on any jobsite - including information on materials, redundancies, construction progress and crane utilization. Since its 2019 launch, CraneView has been adopted by over 40% of the leading general contractors in North America.
Published by Globes, Israel business news - en.globes.co.il - on September 14, 2021
Copyright of Globes Publisher Itonut (1983) Ltd. 2021