Versatile, a company using machine learning and AI to optimize construction processes, today announced that it has raised $20 million in Series A funding.
The round was led by Insight Partners and Entree Capital, and joined by previous investors Robert Bosch Venture Capital GmbH, Root Ventures, Conductive Ventures, and veteran construction technology entrepreneurs Leigh Jasper and Rob Phillpot. The new funding will allow Versatile to continue to rapidly scale its product across the $10 trillion global construction industry.
“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,” says Meirav Oren, co-founder and CEO of Versatile. “We are thrilled to receive continued support from top-tier investors. This accomplishment is a testament to our industry, and I can’t wait to serve more teams, helping to make the professionals of our industry even better at what they are already great at.”
Leveraging artificial intelligence (AI) and Internet of Things, Versatile’s CraneView captures and analyzes thousands of data points to deliver real-time insights on jobsite performance and 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, and empowers project teams to work safer and faster.
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.
“Investing in Versatile was an easy decision, given how naturally their product fits the job site workflows, its high ROI, and their customer feedback about the value and experience of utilizing the CraneView solution,” says Nikitas Koutoupes, managing director at Insight Partners, who is also joining Versatile’s board.
Construction accounts for 13% of global GDP and is responsible for the buildings, roads, and infrastructure that power the ways people live, work and travel. A $265 billion annual profit pool awaits disruptors according to McKinsey & Company, and demand for construction technology solutions that increase efficiencies rapidly grew in 2020.