Versatile®, a Los Altos, California-based construction technology pioneer using artificial intelligence (AI) and the internet of things (IoT) to optimize construction processes, secured $80 million in Series B funding. Insight Partners led the round, joined by 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.
The investment 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.
Company: Versatile, Inc.
Raised: $80.0M
Round: Series B
Funding Month: September 2021
Lead Investors: Insight Partners
Additional Investors: Tiger Global, Robert Bosch Venture Capital GmbH, Entrée Capital, Root Ventures, Conductive Ventures, Leigh Jasper, and Rob Philpot
Company Website: https://www.versatile.ai/
Software Category: Construction process >Machine learning and AI
About the Company: Headquartered in Los Altos, CA, Versatile creates technology that gives construction professionals unmatched visibility into their production rates. VERSATILE uses machine learning and AI to optimize construction processes. It captures and analyzes data points to deliver real-time insights on job site performance and streamline decision-making. Mounted under the hook of any crane, this first-of-its-kind technology offers unparalleled production data on any job site including information on materials, redundancies, construction progress, and crane utilization. By delivering the right data to the right people at the right time while naturally fitting existing processes, a fragmented industry becomes a controllable manufacturing process. The result? Increased productivity, predictability, and safety with the insights needed to manage and bid future projects more competitively.
Source: businesswire.com/news/home/20210914005363/en/Versatile-Secures-80-Million-in-Series-B-to-Further-Its-Mission-to-Drive-Predictive-Controllable-Processes-in-Construction