Versatile, an Israeli-founded construction technology firm using AI and IoT to optimize construction processes, announced on Tuesday it has raised $80 million in a Series B funding round. Insight Partners led the round, joined by US investment firm Tiger Global.
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.
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 across the construction value chain.
Founded in 2016 and headquartered in Los Altos, California, Versatile creates tech 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 deliver real-time insights on jobsite performance and streamline decision-making and offering production data on any jobsite including information on materials, redundancies, construction progress and crane utilization
“Today’s announcement is a meaningful milestone for the construction industry, not just Versatile,” said 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.”
“We’re proud to continue our support of Versatile and its mission,” said Nikitas Koutoupes, managing director at Insight Partners and Versatile board member. “Our conviction in Versatile stems from observing the value they deliver in a way that works seamlessly within the customer’s existing workflows; we are confident Versatile will be as common on the jobsite as the crane itself. Further investment in its people-centered, seamless solutions is a meaningful boon for the industry—and what’s yet 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 jobsite culture.”