Israeli AI Construction Tech Firm Versatile Raises $80M

Versatile, an Israel-founded building technology company that uses AI and IoT to streamline construction processes, announced Tuesday that it has raised $ 80 million in a Series B funding round. Insight Partners led the round, along with with US investment firm Tiger Global.

The Series B was joined by existing Versatile 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 Series A of $ 20 million from Versatile 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.

The funding will support the company’s rapid growth and strengthen its data-driven capabilities. It will also help expand Versatile’s service to insurers and throughout the construction value chain.

Founded in 2016 and based in Los Altos, California, Versatile creates technology that gives construction professionals unmatched visibility into their production rates.

The company’s product, CraneView, uses AI and IoT to capture and analyze thousands of data points to provide real-time information on workplace performance and streamline decision-making and deliver production data anywhere in the world. work, including information on materials, redundancies, construction progress, and crane utilization.

“Today’s announcement is a significant milestone for the construction industry, not just Versatile,” said Meirav Oren, CEO and co-founder of Versatile. “It affirms that our industry is innovative, forward-thinking and worthy of the world’s leading technology investments. This funding allows 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. “

“We are proud to continue our support of Versatile and its mission,” said Nikitas Koutoupes, CEO of Insight Partners and a member of the Versatile board. “Our conviction at Versatile comes from looking at the value they deliver in a way that works seamlessly within existing customer workflows; We are confident that Versatile will be as common on the job site as the crane itself. Greater investment in their integrated and people-centric solutions is a significant boon for the industry and what is to come for construction technology. “

“Incorporating CraneView into our construction projects transformed the crane into a valuable data tool,” said 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 workplace culture.”

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