Versatile, a construction technology company that uses artificial intelligence and the Internet of Things to capture and analyze data for real-time insights on job performance, has received another round of investor funding.
The company announced this week it has secured $80 million in Series B funding. The news comes nine months after the company's announcement that it received $20 million in Series A funding.
Startup Versatile's CraneView device attaches near the hook of a crane and sends real-time data to operators and site managers, letting them know how long tasks will take. Cameras and sensors monitor crane work to increase productivity.
Versatile, a construction technology startup, has secured $80 million in Series B funding.Versatile
The most recent funding was led by Insight Partners led the round, joined by Tiger Global. The investment will support the company’s growth and strengthen its data-driven capabilities. It will also help expand Versatile’s service to insurers and across the construction industry.
“Today’s announcement is a meaningful milestone for the construction industry, not just Versatile,” says Meirav Oren, CEO and co-founder of 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 Series B was joined by Versatile’s 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.
Construction industry veterans, including Tooey Courtemanche, founder and CEO of Procore, and Ralph Gootee, co-founder of PlanGrid, also joined as new investors.
CraneView, Versatile’s leading product, collects novel 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, the 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.
“Incorporating CraneView into our construction projects transformed the crane into a valuable data tool,” says Jim Barrett, vice president and chief innovation officer for Turner Construction Company. “Versatile serves as a genuine partner in guiding our industry toward a more connected and collaborative jobsite culture.”
